Press statement regarding US tariffs on Gold
Neuchatel, 8 August 2025 – The Swiss Precious Metals Association (ASFCMP) has taken note of the announcement of the recent increase of tariffs to 39% by the USA, as well as the clarification issued by U.S. Customs and Border Protection (CBP) regarding the HS code classification of 1kg and 100oz gold cast bars (Comex deliverable) under the code 7108.13.5500, a code that is not included in the reciprocal tariff exclusion list (Annex II of the Executive Order). It must be noted that this clarification does not apply exclusively to Switzerland but to all 1kg and 100oz gold cast bars imported into the USA from any country.
As a longstanding advocate for responsible sourcing, supply chain transparency, and international trade compliance, ASFCMP supports efforts to enhance regulatory clarity. However, the Association is concerned that this specific clarification may negatively impact the international flow of physical gold.
“We are particularly concerned about the implications of the tariffs for the gold industry and the physical exchange of gold with the U.S., a long-standing and historical partner for Switzerland”, said Christoph Wild, president of the ASFCMP.
ASFCMP is actively engaging with all relevant stakeholders, including Swiss authorities, the London Bullion Market Association (LBMA), the World Gold Council (WGC), and key U.S. entities. It is important to underline that while the U.S. market is significant for the Swiss precious metals industry, the latter is active worldwide and not dependent on that single market.
ASFCMP acknowledges the short-term impact that gold has had on the trade balance at the beginning of 2025, which was an exceptional situation created by the reaction of the US markets to uncertainty around upcoming tariffs, and the global geopolitical situation.
The imposition of tariffs on these gold cast products makes it economically unviable to export them to the U. S., thereby eliminating any future trade deficit arising from gold exports.
The fact that the situation had immediately reversed as of April perfectly illustrates this point.
ASFCMP remains committed to a constructive and solutions-oriented dialogue with U.S. authorities and international partners to ensure a fair, practical, and predictable trade environment for all parties involved.