The President of the United States, Donald Trump, stated this Monday that gold will be excluded from his tariff policy, a declaration that abruptly halted days of speculation and volatility in the international markets for the precious metal.
“Gold will be tariff-free!”, the president wrote on his Truth Social account, without providing further details.
The message was enough to reassure bullion operators and major refining centers like Switzerland, who feared an unprecedented blow to global supply chains.
The concern erupted last Friday when the U.S. Customs and Border Protection (CBP) published a resolution on its website that reclassified one-kilogram and 100-ounce bars under a customs code subject to tariffs.
This unexpected measure placed gold on the same list of products affected by Trump's trade war, with tariffs that, in the case of Switzerland, the largest exporter in the world, could reach up to 39%.
According to elEconomista.es, the change threatened to disrupt the delicate balance of the global bullion trade, which travels from London to New York via Switzerland, where large 400-ounce bars are melted down into smaller formats for the U.S. market.
The risk was not small, as the U.S. imports over $60 billion in gold from Switzerland each year, and those shipments could have been subject to additional taxes amounting to approximately $24 billion.
Additionally, the fear of tariffs caused a "shockwave" in prices. Gold futures on the Comex reached historic highs above $3,500 an ounce, far surpassing spot gold.
Analysts warned that, had the measure been maintained, the U.S. would have lost part of its dominance over the global futures market, and that the traditional flow of bullion could have been permanently reconfigured.
“It will be a great relief for the bullion markets, as the potential for disruption was immeasurable,” said Ross Norman, independent gold market analyst, quoted by EFE.
However, although Trump's announcement alleviates the immediate threat, some experts warn that the confusion caused by the CBP reflects cracks in the coordination of U.S. trade policy.
For Joni Teves, a strategist at UBS, the episode raises an open question about the role of the U.S. in the global precious metals trade.
For now, prices have declined following the presidential message. U.S. gold futures dropped 2.4% to $3,407 an ounce, while spot gold fell 1.2% to $3,357.
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