The United States imposes duties on gold imports. Why is this important?

The United States will levy duties on gold imported into the country. This measure primarily concerns Switzerland, which is engaged in the remelting of bullion to meet American requirements. Washington's decision could dramatically affect trade in the precious metal and has already led to a historic spike in its prices. What the current situation will lead to is in the Izvestia article.

What was decided in the USA

• The U.S. Customs and Border Protection Agency reported that gold bars weighing 1 kg and 100 ounces (2.83 kg) should be classified according to the customs Code, which provides for the payment of fees if they are imported into the United States. In essence, this means that imported bullion is subject to tariffs in the same way as any other goods that enter the United States from other countries. The rate on gold will vary for individual countries, and the duties will take effect on August 7.

• This news came as a shock to investors and those involved in the gold trade, which is conducted mainly between the UK and the USA through Switzerland, where refining plants are located that melt bullion. When US President Donald Trump announced plans to impose large-scale tariffs on almost all countries of the world in April, it was assumed that they would not affect gold. The White House newsletter stated that several types of goods, including bullion, would not be subject to tariffs. However, it was not specified which ones.

• First of all, the decision to levy tariffs on gold bars will affect Switzerland, for which the United States has imposed import duties of 39%. From June 2024 to June 2025, Switzerland exported $61.5 billion worth of gold to the United States. Although the main trade is conducted between exchanges in London and New York, in the UK it is customary to store gold in bars weighing 400 troy ounces, shaped like a brick. In the United States, gold is stored in smartphone-sized bars weighing 1 kg. Switzerland is mainly engaged in the melting of bullion and refining of gold.

What does it affect

• The reaction of investors to the announcement of tariffs on gold was not long in coming. Precious metal futures for December delivery immediately jumped in price to a record high of $3,534 per troy ounce. In the spot market, that is, for instant gold shipments, the price is $3,386.

• In total, gold has risen in price by almost 43% over the year. At the beginning of the year, the price acceleration was influenced by the uncertainty surrounding the likely imposition of duties on gold. This was due to the April jump above $3,500, after which the prices of the precious metal adjusted. Before the denial from the White House came, traders began to massively buy gold in the United States, creating a shortage in the UK.

• At the same time, gold also rose in price amid the growing likelihood of a recession in the United States due to Trump's economic policy. Investors view gold as a protective asset in times of uncertainty. At the same time, it traditionally rises in price during the Federal Reserve's rate cut cycle, which is now expected by traders amid growing pressure from the White House (we wrote about this in detail here).

The stock is solid: Russia's reserves in gold have reached a record $249 billion.

Why is it one of the most reliable assets for the country now and will the metal become more expensive?

• Now that the global gold trade is under threat, the very essence of this asset may change. Gold ceases to protect against risks and itself becomes a victim of uncertainty in the global economy. Investors hope that the United States will still clarify its position on gold and rid it of the almost 40% margin, which significantly distorts trade.

What does this mean?

Switzerland can now be called one of the main victims of Trump's tariff policy. Even before it became known about the plans to levy duties on gold, Bern received a real slap in the face when it failed to conclude a trade agreement with Washington. The country's president, Karin Keller-Zutter, tried at the last moment to hold talks with Trump in the United States, but he ignored the meeting with her. Keller-Zutter was content to negotiate with Secretary of State Marco Rubio, but his area of expertise does not include trade.

• As a result, the United States imposed tariffs on Switzerland of 39%, which is much higher than in the European Union and the United Kingdom. Switzerland sends 18% of its exports to the United States, but now its products will become uncompetitive compared to European ones. For a country that emphasizes its neutrality and tries to keep its distance from the European Union, this may threaten to lose the status of a stable island for investors.

• It is noteworthy that Switzerland is facing serious shocks and the breakdown of trade with the United States due to the essentially tiny refining industry. There are only five gold processing plants in the country with a total staff of 1,500 people. At the same time, the cost of processing is negligible compared to the cost of gold itself and brings minimal profit. Switzerland earns practically nothing from its status as a refining center, which makes the situation with gold duties especially disappointing for the whole country.