Trump creates chain reaction with surprise tariff

US President Donald Trump has imposed a surprise tariff on gold bullion imported into the USA. This new surtax is a major blow for Switzerland, the world leader in refining this precious metal. It comes on top of the 39% surcharge imposed on the Alpine country in the new wave of tariffs imposed by the USA on its trading partners, which came into force on Thursday.

“The prevailing view was that precious metals remelted by Swiss refineries and exported to the USA could be shipped duty-free”, regretted the president of the Association representing the Swiss precious metals industry.the President of the Association representing the Swiss precious metals industry. However, he points out that the customs classification of different gold products is not always precise.

Switzerland is the leading exporter of gold bullion to the United States. Over the past twelve months, the Swiss country has exported $61.4 billion worth of gold to the USA between June 2024 and June 2025, reports the Financial Times (FT).

With surcharges on gold of up to 39%, the country would have to pay an additional $24 billion in customs duties.

Based on a letter sent by the US Customs and Border Protection (CBP), dated July 31, the FT revealed this news which is worrying the precious metals market.

The customs document indicates that the surcharge applies to one-kilo and 100-ounce gold bars, the most popular formats in New York, one of the two main exchanges for precious metals along with London, in the UK.

Switzerland “often serves as a refining hub between the London market, which generally trades in 400-ounce (12.44 kg) ingots, and the smaller sizes, mainly traded and accepted on the US market”, explains Saxo Bank analyst Ole Hansen.

In the wake of the FT article’s post, the price of gold hit a new high at the Comex opening, at $3,534.10 an ounce.

Demand for gold, and its price, had already exploded earlier this year in the United States. American buyers were looking to increase their reserves in anticipation of additional taxes on gold. These “provisions remain high”, says Stephen Innes, analyst at SPI AM.

Several Swiss gold refineries said they had spent months with lawyers to determine which types of gold products could be exempted. Two of them told the Financial Times they had temporarily reduced or halted shipments to the US because of the uncertainty.