The US has slapped tariffs on imports of one-kilo gold bars, in a move that threatens to upend the global bullion market and deal a fresh blow to Switzerland, the world’s largest refining hub.
The Customs Border Protection agency said one-kilo and 100-ounce gold bars should be classified under a customs code subject to levies, according to a so-called ruling letter dated July 31, which was seen by the Financial Times. Ruling letters are used by the US to clarify its trade policy.
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It's an attempt at capital flow control. They don't want organizations settling in gold. They want to push them through SWIFT and the US Dollar.
However, if a US firm has a trade surplus with a foreign entity, and would like to settle in gold by having gold sent to them... well, now that's harder. So it's punishing successful US exporters who want to settle in gold.
Also, that US person who is a net exporter can still settle in gold, so long as the gold is outside US borders. They will just use secure ledgers and move the gold from one nonUS location to another nonUS location.
"{gasp} You mean the ledgers can travel outside of the US without any tariff???" What is this sorcery... FTP? Email?"
This deal smells like a Lutnick. It's just clumsy and stupid enough.
The tricky part comes if they BAN ANY GOLD FROM LEAVING US BORDERS no matter who owns it. That's next. Then I don't know what happens. Then we're N Korea or something.
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after this report https://www.cnbc.com/2025/08/08/gold-fu ... riffs.html Gold futures trade off highs as White House to issue clarification on bullion tariffs Gold prices fell from a record high Friday after the White House said it will clarify “misinformation” about the precious metal facing tariffs.
“The White House intends to issue an executive order in the near future clarifying misinformation about the tariffing of gold bars and other specialty products,” a White House official told CNBC.
ochotona wrote: ↑Fri Aug 08, 2025 10:30 am
It's an attempt at capital flow control. They don't want organizations settling in gold. They want to push them through SWIFT and the US Dollar.
Never suspect malice when incompetence will suffice.
Donald Trump will issue an executive order “clarifying” the US’s stance on gold bar tariffs, after a ruling that a widely-traded form of the precious metal is subject to levies sent shockwaves through the bullion market.
“The White House intends to issue an executive order in the near future clarifying misinformation about the tariffing of gold bars and other speciality products,” a White House official said on Friday.
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I was anticipating this. The CBP letter seemed like some administrative flunkies interpreting administration policy. There seems to be a breakdown in communication in the administration.
The journey of a thousand miles begins with a single step. -Lao Tzu
