US TARIFFS SHAKING UP GLOBAL ECONOMY

U.S. Tariffs Roil Global Gold Market: What You Need to Know

What Just Happened?

U.S. Customs and Border Protection (CBP) quietly reclassified one-kilogram and 100-ounce gold bars—the most common formats traded via New York’s COMEX futures—as falling under a tariff-bearing code (7108.13.5500), instead of the previously exempt code (7108.12.10). This exposes them to a hefty 39% import duty.AP News+15Financial Times+15Discovery Alert+15

Previously, such gold shipments were largely exempt. Now, with Switzerland—the world’s premier gold refining hub—supplying vast quantities to the U.S., the shift has prompted market chaos. Gold futures have surged to record highs, with prices hitting over $3,534 per ounce.Discovery Alert+5MarketWatch+5The Times+5

Why It Matters

• Commodities Shockwaves: The gold futures market relies on seamless imports for contract settlements. Disrupting this equilibrium challenges the COMEX’s functionality and raises premiums dramatically.Barchart.com+14The Wall Street Journal+14The Economic Times+14

• Swiss Export Disruption: Switzerland exported approximately $61.5 billion in gold to the U.S. across the past year. The new tariffs could raise the cost of that gold by an estimated $24 billion.Swiss Observer+11Financial Times+11Argaam+11

• Supply Chain Shifts: Some refiners have already halted shipments amid legal ambiguity. Analysts suggest a possible shift to London settlement, or another gold supply source with tariff-free status.The Wall Street Journal+2The Times+2

Global Flashpoints & Market Ripples

Switzerland is demanding clarity and eventually opened trade talks with the U.S., potentially seeking relief.DevdiscourseSWI swissinfo.ch

Meanwhile, the tariff announcement triggered a frenzy of market activity:

• Late 2024 saw explosive gold flows from Switzerland to U.S. warehouses—fueled by import fears and arbitrage opportunities.Morningstar+1Energy News+3GoldSilver+3Discovery Alert+3

• Once exemptions were confirmed earlier in 2025, the flow reversed—gold was shipped back to Switzerland, and U.S. price premiums eased.Discovery Alert+3MINING.COM+3m.markets.com+3

• The tariff policy, however, now threatens to reignite volatility and uncertainty.Devdiscourse+9ainvest.com+9The Times+9

Analysts view this as part of a broader geopolitical toolset—tariffs are being used not just economically, but strategically to address trade imbalances.ainvest.com+1

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Summary: Key Takeaways

Issue	Insight
Tariff Scope	Elevated 39% levy on 1 kg & 100-oz Swiss gold bars, previously exempt
Market Impact	Gold hit record highs; COMEX faces settlement disruption
Industry Response	Shipments paused; possible rerouting to other markets
Geopolitical Angle	Swiss trade in negotiation; broader implications for trade diplomacy