Gold bars likely to be exempted from US import tariffs

CHENNAI: The US is expected to issue an executive order exempting gold bar imports from recently imposed tariffs, in a move aimed at calming turmoil in the bullion market.

According to reports, the development follows a ruling by US Customs and Border Protection (CBP) on July 31, 2025, that reclassified one-kilogram and 100-ounce cast gold bars under a tariffed category, making them subject to a 39 per cent reciprocal duty. This overturned the long-standing assumption that such bars were tariff-exempt.

The CBP decision caused immediate disruption in global bullion flows, with Swiss refiners — the main suppliers of these bars to the US — halting shipments. The uncertainty sent gold futures surging to record highs of around $3,534 per ounce before paring gains when White House officials signalled that a clarification was imminent.