Washington: US President Donald Trump has clarified that no tariffs will be imposed on gold bullion imports, dispelling recent confusion sparked by announcements from US Customs and White House officials. Last week, the US Customs Department indicated that gold bars weighing one kilogram (approximately 100 ounces) could be subject to tariffs, leading to speculation about possible duties on gold imports. This caused uncertainty in the market, pushing gold prices to record highs.
In response, Trump took to his Truth Social platform to confirm that gold imports will remain tariff-free, which subsequently led to a decline of nearly $50 per ounce in gold prices. However, Trump has recently imposed a 39% tariff on gold imports from Switzerland, raising concerns about whether similar exemptions will apply to gold products from Switzerland and other countries. Clarification on this matter is awaited.
Meanwhile, President Trump has eased trade tensions with China by extending the existing trade agreement for an additional 90 days through an executive order. The deal, initially set for 90 days, saw China reduce tariffs on US goods from 125% to 10%, while the US lowered tariffs on Chinese imports from 145% to 30%. This extension aims to maintain the current trade framework amid ongoing negotiations.
Trump’s trade policies continue to fluctuate, with increased tariffs targeting countries like India, while efforts to stabilize relations with China remain underway.