President Donald Trump announced Monday that he will not impose tariffs on gold, easing days of market speculation and calming global bullion markets.
“Gold will not be Tariffed!” Trump said in a statement posted on his Truth Social account. He gave no other details.
The announcement came after U.S. Customs and Border Protection posted a ruling Friday suggesting that widely traded gold bullion bars in the United States could face country-specific import tariffs—a move that risked disrupting global supply chains.
A White House official told Reuters that the administration had been preparing an executive order to “clarify misinformation” regarding tariffs on gold bars and other specialty products.
A gold tariff would have hit Switzerland particularly hard, as it is a major hub for refining and transiting the metal. Trump’s announcement removed that threat, prompting relief among market watchers.
“Delighted to hear the crisis has been averted,” independent analyst Ross Norman told Reuters, noting the potential disruption would have been “incalculable.”
Following the news, 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.
Shares of Barrick Mining slid 2.8% after reporting quarterly results, while Newmont, the world’s largest gold miner, shares dipped slightly to $68.87.
This is a breaking news story. Updates to follow.
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