President Trump is expected to issue an executive order soon to clarify the administration's policy on tariffs on gold bars, a White House official said.
“The White House intends to issue an executive order in the near future clarifying misinformation about the tariffing of gold bars and other specialty products,” the official said.
The Financial Times first reported on the upcoming order, after reports that Customs and Border Protection (CBP) ruled one-kilo and 100-ounce bars should be classified with a certain customs code, which makes them subject to tariffs.
As a result of the unexpected ruling on the widely-used gold bars, the gold market was in turmoil. Prices for gold futures jumped to record highs, The New York Times reported.
One-kilo and 100-ounce bars from Switzerland would not be exempt from the president’s tariffs and the country, which is a refining hub, has been hit with a hefty 39 percent tax.
Traders, analysts and executives assumed gold bars would be exempted from Trump’s tariffs, Bloomberg reported, and traders on Friday told the outlet that shipments of gold were freezing up after the CPB ruling.
Trump has issued tariffs on other commodities, including copper tariffs that were imposed this month. The president’s “reciprocal” tariff rates on dozens of trading partners took effect on Thursday.
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