Trump Confirms Gold Will Not Face Tariffs, Easing Bullion Market Fears
U.S. President Donald Trump announced on Monday that he will not impose tariffs on gold. The decision was welcomed by global bullion markets, ending speculation that the precious metal could be caught in the ongoing global trade dispute.
“Gold will not be Tariffed!” Trump wrote in a social media post, without providing further details.
Tariff Concerns Sparked by Customs Ruling
Speculation began on Friday when the U.S. Customs and Border Protection posted a ruling suggesting that widely traded gold bullion bars in the United States could face country-specific import tariffs. Such a move would have disrupted the global gold supply chain.
In response, a White House official told Reuters that the administration was preparing an executive order to “clarify misinformation” about potential tariffs on gold bars and other specialty products.
Relief for Switzerland and Global Markets
A U.S. gold tariff would have been particularly damaging for Switzerland, a major refining and transit hub for gold. Trump’s statement on Monday removed that threat.
“Delighted to hear the crisis has been averted,” said Ross Norman, an independent gold market analyst. “It will come as an enormous relief to the bullion markets, as the potential for disruption was incalculable.”
Gold Prices React to Announcement
Following Trump’s post, U.S. gold futures fell 2.4% to $3,407 per ounce, narrowing the premium over spot gold, which dropped 1.2% to $3,357.
Impact on Gold Mining Stocks
Shares of Barrick Mining fell 2.8% on Monday afternoon after posting quarterly results. Shares of Newmont, the world’s largest gold miner, slipped slightly to $68.87. Both companies are leading U.S. gold producers.
