The president of the United States, Donald Trump, has reported Monday through his social Truth profile that the entrance of gold in the country will not be subject to tariffs. This announcement comes after the Customs and Border Protection Agency (CBP) of the North American country considers that the golden bears of one kilo and 100 ounces should be classified under a customs code subject to tariffs. While other precious metals will continue to have tariffs, gold no longer.
The industry had other expectations, since it expected a customs classification exempt from Trump’s national tariffs, which caused a strong rebound to occur last Friday the price of the future metal’s futures in the US market. So this decision contrasts with the expected. It is not the first rebound that occurs, both of gold and oil, in what we have been, also due to other problems worldwide such as Israel’s attack to Iran or the Ukraine War.
A White House official came to suggest last week that the administration launched a new policy in order to clarify whether the import of gold was going to be controlled by taxes, as the Bloomberg news agency has assured. This was announced by Donald Trump in his social Truth profile: “Gold will not be subject to tariffs!”
As Bloomberg says, if the decision had been maintained, gold worldwide would have suffered an important commercial setback, especially in regard to the proper functioning of US futures contracts.
It must be remembered that the ingots of one kilo are the most common in the gold trade that occurs in the Comex, assuming most of Switzerland’s bull exports to the United States, countries that already had a fragile commercial relationship from a long time ago. And it is not for less, since Washington set a 39% tariff to imports from the Helvetic country, where gold was included.