The US has slapped tariffs on imports of one-kilo gold bars, in a move that threatens to upend the global bullion market and deal a fresh blow to Switzerland, the world’s largest refining hub.
The Customs Border Protection agency said one-kilo and 100 ounce gold bars should be classified under a customs code subject to levies, according to a so-called ruling letter dated July 31, which was seen by the Financial Times. Ruling letters are used by the US to clarify its trade policy.
The CBP’s decision stands in sharp contrast with the industry’s previous expectations that these types of gold bars should be classified using a different customs code that is exempt from Trump’s countrywide tariffs.
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