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The White House will issue an executive order “clarifying” the US’s stance on gold bar tariffs, after a ruling that a widely-traded form of the precious metal is subject to levies sent shockwaves through the bullion market.
US gold futures hit a record high on Friday after the US blindsided the global bullion market by imposing tariffs on imports of one-kilo and 100-ounce bars.
The Financial Times had reported on Thursday that the Customs and Border Protection had ruled that one-kilo and 100-ounce bars should be classified with a customs code that is subject to tariffs. Its decision stood in sharp contrast to industry expectations that the bars would be exempt from President Donald Trump’s levies.
The ruling came despite an exemption to Trump’s reciprocal tariffs for gold bullion, listed under a different customs code.
“The White House intends to issue an executive order in the near future clarifying misinformation about the tariffing of gold bars and other speciality products,” a White House official said on Friday.
This is a developing story
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