US Tariff on Swiss Gold Bars Roils Market

U.S. Customs and Border Protection announced a 39% tariff on imports of 1kg and 100-ounce Swiss gold bars, reversing previous expectations of exemption and sending New York gold futures to record highs. The policy shift, attributed to a reclassification under customs codes, has unsettled global bullion markets and raised concerns about significant disruptions to Switzerland, the world's largest gold refining center. The tariffs could alter established gold trade flows between Switzerland, the U.S., London, and Hong Kong. The Swiss Association of Manufacturers and Traders of Precious Metals and other experts have raised questions about whether the move was a misclassification or a deliberate policy change, with legal challenges possible. Swiss officials have not disclosed their negotiation strategies or potential responses. The situation is fluid, with analysts warning of increased volatility and uncertainty in gold and broader global markets.