U.S. Slaps 39% Tariff on Swiss Gold BarsU.S. Slaps 39% Tariff on Swiss Gold Bars, Shaking the Global Bullion Market
By Hirad Aryanejad – Macroeconomic & Gold Markets Analyst
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The United States has moved to impose a 39% tariff on imports of one-kilogram and 100-ounce gold bars from Switzerland — a shock decision that could ripple across the global bullion market.
In a letter dated July 31, 2025, the U.S. Customs and Border Protection (CBP) reclassified these widely traded bullion products — critical to the Comex futures market — as “semi-manufactured”, making them subject to duties.
Previously, they were classified as “unwrought, nonmonetary gold” , exempting them from earlier tariff rounds.
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A Blow to the World’s Largest Refining Hub
The decision follows former President Donald Trump’s broader tariff package on all Swiss goods, announced after rejecting Switzerland’s proposal for a 10% tariff in exchange for \$150 billion in U.S.-bound investment.
Switzerland — the world’s largest gold refining hub — exported roughly $61.5 billion in gold to the U.S. over the 12 months ending June 2025. The new tariff could add nearly $24 billion in duties.
Christoph Wild, President of the Swiss Association of Manufacturers and Traders of Precious Metals, called the ruling “another blow” to Swiss-U.S. gold trade, warning that exports may become “economically unviable”.
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Market Reaction: Record Gold Prices
The ruling triggered an immediate market shock. Gold futures in New York surged past $3,500 per troy ounce, hitting a record $3,534 on August 8, before pulling back slightly.
Analysts say the rally was driven by both the tariff announcement and gold’s safe-haven appeal amid escalating trade tensions and geopolitical uncertainty.
Some traders described the CBP’s decision as “shocking” and possibly mistaken, predicting legal challenges ahead. The lack of clarity has already caused certain shipments to freeze in transit.
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The Critical Role of Switzerland in Bullion Logistics
Global bullion trade depends on a triangular supply chain:
Raw gold refined in Switzerland Cast into kilo bars for the U.S. market or 400-ounce bars for London Delivered to satisfy Comex contracts and central bank reserves
This logistical network is now under threat. UBS strategist Joni Teves has questioned whether U.S. gold futures trading can remain viable if tariffs on deliverable products persist.
The Swiss Precious Metals Association noted that the CBP’s clarification applies to all 1kg and 100oz gold bars imported into the U.S. not only those from Switzerland — raising the stakes for global trade flows.
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Negotiations and Uncertainty Ahead
Switzerland continues to negotiate with Washington to reduce the tariff burden, but uncertainty remains.
The White House is reportedly preparing a clarification on the bullion tariffs that could determine whether the market stabilizes or faces prolonged disruption.
Until then, gold industry players — from major banks to refining houses — are bracing for further volatility, both in pricing and physical supply chains.
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Keywords: gold market news, Swiss gold bars, U.S. gold tariffs, Comex gold futures, bullion trade, Switzerland gold exports, precious metals refining, gold price surge, macroeconomic analysis.
