All that glistens is not gold, but all that is gold will be free from tariffs.
That’s what President Donald Trump announced on Monday in a surprising Truth Social post.
In his post, Trump very formally announced that he had “A Statement from Donald J. Trump, President of the United States of America.”
“Gold will not be Tariffed,” Trump wrote, without providing further explanation for his decision.
The announcement comes a few days after U.S. Customs and Border Protection provoked widespread confusion by stating that Swiss exports of gold bars would not be exempt from a 39 percent tariff rate affecting the country’s exports to the U.S.
ALERT: Just a few days after floating through FED Notes that central banks are considering marking gold to market – we have a SURPRISE tariff on gold bars – the impact of which is driving the price of gold higher https://t.co/8bqzik7hPW
— Adam Baratta (@adamknowsgold) August 8, 2025
Switzerland is the gold refining capital of the world, importing gold from mines and turning it into exportable gold bars, which often act as safe-haven investments in times of financial insecurity.
The U.S. imported more than $36 billion worth of gold from Switzerland just in the first quarter of this year, per Swiss customs data.
Trump has a known proclivity for the precious metal. He overhauled the decor of the Oval Office at the beginning of his second term, covering the room with gold stars and statues in a move critics said was reminiscent of Mar-a-Lago’s interior design.
Meanwhile, the president’s ambitious plans to build a $200 million ballroom in the White House’s East Wing included a mock-up of a palatial white and gold room, with gold chandeliers hanging above the ballroom floor.
Metals have been some of the products most affected by Trump’s tariffs, after Trump raised levies on steel, aluminum, and copper to 25 percent and then 50 percent earlier this year.
Trump advertised the steel tariffs as a boon to domestic iron mining, but the U.S. Chamber of Commerce says they will lead to higher costs for businesses and consumers.
The White House did not respond to an immediate request for comment.
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