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| US Gold Bar tariffs |
Washington’s New Tariffs Shake Swiss Refining Sector and Comex Supply Chain
US gold bar tariffs now apply to one-kilogram and 100-ounce bars, reversing prior duty exemptions. The reclassification took effect after a July 31 Customs and Border Protection letter surfaced, as reported by Financial Times. This policy shift impacts bars traded heavily on the COMEX futures exchange.
Switzerland, the world’s largest gold refiner, exported $61.5 billion in bullion to the U.S. over the past year. Around $24 billion of that—mainly in 1-kg and 100-oz bars—may now incur duties. These tariffs follow Washington's earlier 39% tariff on Swiss goods, raising trade tensions with Bern.
Swiss Refineries Cut Exports Amid Legal Uncertainty
Swiss refiners have reduced or suspended gold bar shipments to the U.S. following the US gold bar tariffs announcement. Industry officials now seek legal clarity on customs classifications, especially as kilo bars dominate Swiss exports to the U.S. via COMEX.
Christoph Wild of the Swiss Precious Metals Association stated the new duty is “another blow” to Swiss-U.S. gold trade. Meanwhile, London markets, which trade mainly 400-oz bars, remain unaffected for now. As a result, traders may shift bullion flows to avoid U.S.-bound kilo bar routes.
Inflation and Dollar Weakness Drive Price Spike
The timing of US gold bar tariffs is significant, as gold prices have surged 27% in 2025. Inflation fears, expanding U.S. government debt, and dollar devaluation are fueling demand. However, reduced supply from Switzerland could tighten U.S. market liquidity and boost domestic premiums.
If unresolved, this tariff shift may fragment global gold flows and accelerate localized refining in North America. Legal and policy uncertainties could deter short-term investment in transatlantic bullion trading.
ScrapInsight Commentary
The new U.S. gold bar tariffs could disrupt precious metals logistics and pricing across futures and physical markets. U.S. refiners may benefit from localized demand, while Switzerland risks long-term erosion of its export dominance. Watch for regulatory realignments that prioritize self-sufficiency in bullion sourcing.
