Trump’s 39% Gold Tariff Shakes Global Bullion Trade, Hits Swiss Refineries

In a move that has rattled precious metals markets, the United States has imposed a 39% tariff on imports of gold bars weighing one kilogram and 100 ounces, after reclassifying them under a taxable customs code—reversing earlier expectations that they would be exempt from the tariffs enacted by U.S. President Donald Trump as part of his trade policies.

One-kilogram bars are the most traded unit on the U.S. COMEX exchange and represent the bulk of Switzerland’s gold exports to the United States, which totaled around $61.5 billion in a single year. Industry estimates suggest that approximately $24 billion of these exports will now be subject to tariffs, prompting some Swiss refineries to temporarily suspend or scale back shipments amid legal uncertainty.

The decision has sparked widespread concern within the sector. The president of the Swiss Precious Metals Manufacturers and Traders Association described the move as “another blow” to trade with the United States, warning that it could hinder the ability to meet global gold demand. Switzerland, for its part, is calling for gold to be excluded from trade balance calculations, stressing that the added value from domestic refining is minimal compared to the metal’s overall market price.

This development threatens to reshape global gold flows and could push markets to seek alternative refining and shipping hubs at a time when demand for the metal as a hedge is rising amid growing economic and geopolitical volatility.