US Tariffs on Gold Bars Threaten Switzerland’s Refining Industry and Shake Global Bullion Market

The U.S. has quietly placed gold bars in the crosshairs of its tariff war — a move that could rattle Switzerland’s gold refining powerhouse and send shockwaves through the global bullion trade.

According to a report by the Financial Times, the U.S. Customs and Border Protection (CBP) issued a July 31 ruling reclassifying the most common forms of gold — 1-kilogram and 100-ounce bars — under a customs code now subject to tariffs. In effect, they’ve been swept into President Donald Trump’s latest round of trade penalties, which hit dozens of nations, Switzerland included.

The change is no small tweak. Until now, certain types of bullion enjoyed an exemption from the tariff campaign that kicked off in April. But the CBP’s new interpretation — prompted by a Swiss refinery’s inquiry — labels these bars as “semi-manufactured” products rather than the “unwrought, nonmonetary gold” that had been tariff-free.

For Switzerland, the blow lands hard. The country is the world’s largest gold refining hub, and bullion shipments to the U.S. make up a hefty slice of its exports. Traders are still trying to determine whether the new tariffs have already taken effect, but the reaction from the industry has been one of disbelief.

“We never ever thought that [gold bars] would be hit by a tariff,” said Robert Gottlieb, a former JPMorgan Chase metals trader. Christoph Wild, president of the Swiss Association of Manufacturers and Traders of Precious Metals, called the ruling “a blow” to the trade relationship, noting that the prevailing assumption had been that “remelted bullion was tariff-free.”

The backstory is laced with political brinkmanship. Just last week, Trump slapped a 39% tariff on Swiss goods after rejecting Bern’s counter-offer: a 10% tariff in exchange for $150 billion in U.S.-bound investment. Analysts say the gold bar decision appears to be a direct extension of that hardline stance.

Markets are already showing strain. Gold, which investors flock to in times of uncertainty, has been on a historic tear this year — up 27% since the end of 2024. Following the FT’s report, December gold futures in New York surged to a record $3,534 per ounce on Friday morning.

Whether this is a short-term political play or a long-term shift in how the U.S. treats bullion imports, one thing is clear: by targeting gold, Washington may have just introduced fresh turbulence into one of the world’s most stable safe havens.