US tariffs reportedly now also apply to Swiss gold bars

Switzerland has been dealt a further blow in the trade dispute with the US, with gold bars now also subject to 39% tariffs, according to a media report. +Get the most important news from Switzerland in your inbox Up to now, it was believed that precious metals, remelted by Swiss refineries, could be exported to the US duty-free. However, this is no longer the case for certain forms of gold, the Financial Times reported on Friday. According to the paper, US customs authorities told Swiss refineries in a ruling letter dated July 31 that one-kilo and 100-ounce gold bars must be classified, and imported, under a tariff number subject to the 39% duty. The Swiss industry had previously assumed that these bars would fall under an exempt code. According to the FT, the one-kilo bar is the most frequently traded gold unit on the world’s largest gold futures market, Comex in New York. This bar also accounts for the majority of Swiss gold exports to the US. The tariff ruling is “another blow” ...