President Donald Trump pushed back Monday against reports that his administration imposed tariffs on imported gold bars.
"Gold will not be Tariffed!" Trump posted on Truth Social.
Citing a July 31 letter from Customs and Border Protection, news outlets reported on Thursday that the U.S. imposed tariffs on imported gold bars, including from Switzerland.
"The White House intends to issue an executive order in the near future clarifying misinformation about the tariffing of gold bars and other specialty products," a White House official told Axios.
Financial markets had assumed that Trump's tariffs would not apply to gold bullion. On Friday, U.S. gold futures surged to a record $3,534.10 on the news of gold tariffs, increasing the gap between New York futures and spot gold prices.
Spot gold was reportedly 1.1% lower, at $3,362.21 per ounce, on Monday.
"Spot gold is tumbling, along with futures, as markets unwind the initial shock from U.S. tariffs potentially plunging bullion flows into chaos," Han Tan, chief market analyst at Nemo.money, told Reuters.
Nicole Weatherholtz ✉
Nicole Weatherholtz, a Newsmax general assignment reporter covers news, politics, and culture. She is a National Newspaper Association award-winning journalist.