A new policy, disclosed by the Financial Times, reveals that the U.S. has placed tariffs on imports of one‑kilo and 100‑ounce gold bars—posing a significant challenge to Switzerland’s pivotal role in global bullion refining and trade.
On July 31, the U.S. Customs and Border Protection (CBP) issued a ruling letter classifying these bars under tariff‑liable code 7108.13.5500, invalidating the previously expected exemption under code 7108.12.10.This shift disrupts industry assumptions that remelted Swiss bullion would remain duty‑free.
This reclassification hits Switzerland, the world’s largest refining hub, at a critical time. In the 12 months through June, Swiss exports to the U.S., predominantly gold, reached $61.5 billion—now facing an estimated $24 billion in new tariffs under Washington’s 39% levy on Swiss goods.
Christoph Wild, president of the Swiss Association of Manufacturers and Traders of Precious Metals, described the move as "another blow" to bilateral gold trade, warning of supply challenges ahead.
In market reactions, COMEX gold futures surged—December delivery contracts hit an all‑time high of $3,534.10, up 1.3%, showcasing strong demand amid the uncertainty. The premium widened by over $100 above London’s spot price.
Traditionally, global bullion flows follow a triangular route: London’s large 400‑ounce bars—about the size of a brick—are sent to Switzerland, where they are recast into kilo bars (smartphone‑sized) favored in New York. This system now faces disruption.
Amid the confusion over customs classifications, several Swiss refineries have reportedly slowed or halted shipments to the U.S., with legal teams scrambling to assess what may still qualify under exemption.
