Washington, Aug 12
US President Donald Trump has said his administration will not impose tariffs on gold imports, an announcement following days of speculation that gold bars might be subject to country-specific duties.
Trump issued a terse statement in a social media post, after speculation arose over the possibility of gold tariffs after a recent ruling by U.S. Customs and Border Protection that 1-kilogram and 100-ounce gold bullion bars from Switzerland would face duties.
"Gold will not be Tariffed!," Trump wrote on Truth Social, reports news agency.
The two types of gold bars in question are used to back contracts on The Commodity Exchange, the key gold futures market, but they are also sold to jewellers or industrial consumers for manufacturing purposes.
On Friday, the Swiss Association of Manufacturers and Traders in Precious Metals issued a statement against potential U.S. gold tariffs, saying that new duties, if imposed, may "negatively impact the international flow of physical gold."
Moreover, Trump signed an executive order to extend the China tariff deadline by an additional 90 days.