Gold futures surged to an all-time high on Friday after reports that the United States had slapped steep tariffs on imports of one-kilo gold bars, a move that will impact Switzerland, one of the world’s biggest bullion hubs.
According to a Financial Times report, U.S. Customs and Border Protection has reclassified one-kilo and 100-ounce gold bars under a different customs code that is subject to higher tariffs. One-kilo bars, which are the most popular form traded on Comex, the world’s largest gold futures market, make up the bulk of Switzerland’s gold exports to the U.S.
U.S. gold futures climbed 1.3% to USD 3,499.30, after reaching a record USD 3,534.10. The price spread between New York futures and spot gold widened by about USD 100.
The new measure is the latest blow to Switzerland in Donald Trump’s escalating trade war. Swiss exports to the U.S., which account for around one-sixth of the country’s total foreign sales, now face a 39% export tariff — among the highest in Trump’s regime. Only Laos, Myanmar, and Syria have had steeper rates, at 40-41%. By comparison, the EU and UK have negotiated tariffs of 15% and 10% respectively.
Switzerland exported USD 61.5 billion worth of gold to the U.S. in the 12 months ended June, meaning the 39% levy could add roughly USD 24 billion in extra costs, the Financial Times reported. The new tariff went into effect on Thursday.
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