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.
According to senior officials, the forthcoming executive order will address what they described as “misinformation” and confirm that gold bar imports will remain exempt from tariffs. The move is expected to restore confidence in the market, which had been rattled by fears of supply chain bottlenecks and widening premiums between COMEX futures and international spot prices.
Industry players warned that the sudden imposition of tariffs could have severely disrupted bullion trading hubs in New York and London, and undermined the structure of the US futures market. Analysts said that while the planned exemption should ease immediate concerns, any delay or ambiguity in the order could keep volatility elevated in precious metals markets.
The executive order is anticipated to be issued shortly, offering a reprieve to global gold trade networks and market participants who were blindsided by the CBP’s ruling.