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 Yonhap 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. The order followed a non-committal answer by Trump to reporters as to whether he would extend the lower tariff rates a day after he urged Beijing to quadruple its purchases of US soybeans.
The tariff truce between Washington and Beijing was scheduled to expire at 12:01 AM on August 12 (04:01 GMT), but the Trump administration had indicated the possibility of an extension, according to reports. This extension of the deadline follows the recent round of trade negotiations between US and Chinese officials held last month in Stockholm. Last week, US Commerce Secretary Howard Lutnick said Trump is likely to extend the tariff pause by another 90 days.
IANS