President Donald Trump announced on Aug. 11 that gold would be exempt from tariffs, easing investor concerns over a potential sharp rise in import costs of the precious metal and sending prices lower.
“Gold will not be Tariffed!” Trump said in a social media post on Monday.
The statement followed a U.S. Customs and Border Protection (CBP) ruling that 1-kilogram and 100-ounce gold bars imported from Switzerland would be subject to a 39 percent tariff. That decision—issued July 31 but first disclosed on Aug. 7—sparked a surge in gold futures to record highs this past week, prompting the White House to say a presidential decree would be forthcoming….