Recently, a sudden tariff ruling by the U.S. Customs and Border Protection (CBP) has officially plunged the global gold market into a period of turmoil. According to the "ruling letter" issued by CBP on July 31, one-kilogram and 100-ounce gold bars have been reclassified under a customs code subject to general tariffs, completely shattering the industry's previous expectation of tax exemption.
This policy adjustment took effect on Thursday, August 7, and the first to be hit is Switzerland, the world's largest gold refining center. Its gold exports to the United States worth 61.5 billion U.S. dollars in the past 12 months will face an additional cost of about 24 billion U.S. dollars due to the new 39% tariff. Policy upheaval: From tax exemption to heavy taxation, the industry caught off guard. This tariff adjustment stems from a controversial reclassification of customs codes. For a long time, one-kilogram gold bars, as the core delivery standard of the New York Mercantile Exchange (COMEX) gold futures, have been tacitly recognized by the industry as applicable to tax-exempt codes. However, CBP clearly classified them as taxable in the ruling letter, setting the rate at the highest level (39%) under the Trump administration's "reciprocal tariff" policy. Analysts point out that this decision may be related to the U.S. strategy of promoting the return of manufacturing and reducing import dependence. Switzerland has reacted strongly.
As the largest source of U.S. gold imports, Switzerland exported gold worth 61.5 billion U.S. dollars to the United States from June 2024 to June 2025, accounting for 68% of its total gold exports. If the new regulations are implemented, Swiss companies will have to pay an additional 24 billion U.S. dollars in tariffs, equivalent to 39% of its total gold exports to the United States last year. The Swiss Federal Department of Economic Affairs has not yet issued an official statement, but industry insiders have revealed that several refineries have held emergency meetings to discuss response plans. Global gold market turmoil: Supply chain changes, COMEX gold delivery impacted. The U.S. market accounts for 35% of global gold demand, and the gold futures delivery standard of the New York Mercantile Exchange is one-kilogram gold bars.
This tariff adjustment will directly increase the delivery cost of COMEX gold, potentially triggering the following chain reactions: Decreased trading liquidity: If the cost is passed on to buyers, the appeal of New York gold futures may be weakened by alternative markets such as the London gold market; Regional shift in the supply chain: Low-tariff countries such as Singapore and Australia may take over some refining capacity; Increased price volatility: Short-term risk-averse funds may flow into gold, but in the medium and long term, demand may be suppressed due to rising costs. Analysts: U.S. may "hurt itself" in its gold reserve strategy.
The U.S. Treasury itself holds the world's largest gold reserves (about 8,133 tons). This tariff increase on imported gold bars has been criticized as "damaging its own financial security". Financial strategist Erin Brown pointed out: "The U.S. controls the global gold price through COMEX, but high tariffs will force international sellers to turn to other markets, ultimately weakening New York's position as a gold trading center." Subsequent game: Switzerland may initiate trade disputes, global tariff network to be upgraded. Currently, the Swiss government is assessing whether to initiate a dispute settlement procedure through the World Trade Organization (WTO). Meanwhile, gold exporters such as Japan and the European Union are closely monitoring the situation. If more countries follow the U.S. in adjusting their tariff strategies, the global precious metals trade may undergo a new round of reshuffling.
