Trump Confirms Gold Imports Will Not Face Tariffs

President Donald Trump has moved to calm bullion markets, confirming that gold imports into the United States will not be subject to new tariffs. The statement, delivered on Truth Social, ended weeks of speculation and reversed earlier signals that had unsettled traders and refiners worldwide.

Bullion Markets Stabilize

Concerns had flared after an initial Customs and Border Protection ruling suggested tariffs could apply to common bullion sizes, including 1kg and 100-ounce bars. The prospect of a 39% levy sent U.S. gold futures surging to a record high above $3,530 per ounce, prompting refiners and traders to halt shipments.

Trump’s clarification quickly eased tensions. Futures prices retreated, physical deliveries resumed, and market liquidity improved. The administration is now preparing an executive order to formally confirm the policy.

Impact on Global Supply Flows

Swiss refiners, which process about 70% of the world’s gold, had warned that tariffs of this magnitude would make exports to the U.S. uneconomical. The decision to exempt gold preserves long-standing trade relationships and avoids a supply crunch in the American bullion market.

By removing a major cost barrier, the policy reversal ensures that international gold flows remain uninterrupted—a relief for both institutional buyers and retail investors.

Policy Signals and Market Volatility

The episode highlights how policy uncertainty can rapidly move safe-haven assets. Gold, a traditional hedge during economic or geopolitical stress, reacts quickly to changes in trade and taxation policy. While the exemption restores short-term stability, traders remain alert to potential shifts affecting other commodities such as silver, copper, and rare earths.

Tips for Traders

• Watch for formal policy updates: Executive orders or official clarifications can drive immediate market moves.

• Track bullion price volatility: Gold futures may remain sensitive to trade headlines.

• Monitor supply chain flows: Refinery output and shipment data can signal pricing shifts.

• Diversify safe-haven assets: Balance gold exposure with Treasuries or other low-risk instruments.

• Stay alert to commodity policy changes: Similar volatility could emerge in other strategic metals.

• Incorporate sentiment monitoring: Market-moving statements can originate from social media as well as official channels.