US slaps tariffs on 1-kg, 100-oz gold bars: Financial Times

[Ben Graham]

The United States has imposed tariffs on imports of one-kilogram and 100-ounce gold bars, in a move that could disrupt global bullion flows and deal major blows to key gold hubs like Switzerland, the Financial Times reported late on Thursday.

A Customs and Border Protection letter dated July 31 — later seen by FT sources — shows that these gold bars have now been reclassified under a customs code subject to duties, reversing earlier expectations that they would remain exempt.

The tariff reversal comes amid heightened trade tensions between Bern and Washington, as the latter recently slapped a 39% import tariff on the European nation.

Switzerland, as the world’s top gold refiner, shipped about $61.5 billion worth of gold to the US in the year to June, of which roughly $24 billion could now incur tariffs under the new tariff rate, according to FT estimates.

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Industry sources told the paper that some Swiss refineries have since suspended or reduced shipments to the US while seeking legal clarity on product classifications.

Christoph Wild, president of the Swiss Association of Manufacturers and Traders of Precious Metals, said the tariff represents “another blow” to Switzerland’s trade with the US, and would make it difficult to meet demand for the yellow metal.

The kilo bar is a key unit traded on New York’s Comex exchange, which is the world’s largest gold futures market and holds the bulk of Switzerland’s bullion exports to the US. Meanwhile, the London markets typically deal in 400-ounce bars.

The tariff decision comes as gold prices have climbed 27% in 2025, driven by inflation concerns, rising government debt and a weaker US dollar.