Trump canceled Zölle on gold bars - what does that mean for Switzerland?

Trump canceled Zölle on gold bars - what does that mean for Switzerland?

Vienna, Österreich - President Donald Trump has announced that there will be no tariffs on gold. This explanation was published on his short message service Truth Social and follows the confusion about the tariffs, which should initially be imposed on the import of gold bars. However, the details of this decision have not been announced. Reuters reports that the US government is planning to correctly correct “misinformation” that occurred in terms of this customs policy. The background to these developments is a decision by the US Customs Border Protection (CBP) from the previous week, which was considered an import customs of 39 percent to most traded gold bars from Switzerland.

The affected gold bars include one-kilogram bars and 100 -unzen bars. The customs code should be changed, which led to considerable confusion in the gold industry. In April, the US government only included the old customs code in the list of duty-free products. For this reason, some industry representatives exposed their deliveries to the USA as a precaution. Experts suspect that this is an oversight that may now be clarified with Trump's new arrangement.

consequences for the Swiss gold industry

The decision on the tariffs could have a significant impact on the Swiss economy. Switzerland has established itself as a leading refinery center, which processes and exports thousands of tons of gold every year. The US customs authorities had announced that the duty of 39 percent also applies to gold bars, which was not previously assumed. According to reports, the new procedure will result in thousands of tons of gold that were normally imported into the US

The customs authority CBS informed about the new tariffs on July 31. This measure hits Switzerland particularly hard, which in 2025 exported almost 500 tons of gold worth CHF 39 billion to the USA. Analysts warn that these tariffs could not only negatively influence the gold price, but also the trade balance between the USA and Switzerland, should not be clarified. Critics have already described Trump's previous trade strategies as problematic because they could tighten the trade deficits.

stability of the gold price despite uncertainty

Despite the uncertainty about the tariffs, the gold price remained stable. In London it was $ 3,392 per troy ounce, while the prices in Future trading in New York rose over $ 3,500. This stability is considered as a sign that the market already includes the current uncertainty in the customs area in its pricing. At the same time, some raw material strategists have described the measures as potentially "tectonic shift in the gold market", which could have long -term consequences for the international gold trade structure.

The Swiss precious metal industry is closely observed. Christoph Wild, President of the Association of the Swiss precious metal industry, expressed that nobody was willing to pay 39 percent inches. It is discussed whether Swiss gold companies should invest in the USA or even buy gold from US mines to counteract the possible economic consequences.