US Tariffs Threaten to Destabilize Global Precious Metals Market

The United States has imposed tariffs on the import of one-kilogram gold bullion. This has been reported by the Financial Times.

This move threatens to destabilize the global precious metals market and could deal a blow to Switzerland, the world's largest refining center, the publication notes.

The report cites a so-called "clarification letter" dated July 31, which demands that one-kilogram and 100-ounce gold bars be classified under a customs code subject to tariffs. The Customs Agency's decision sharply contrasts with previous industry expectations that such types of gold bars would be classified under a customs code exempted from the nationwide tariffs imposed by President Donald Trump.