A White House official announced that the US administration plans to clarify what it described as misinformation regarding import tariffs on gold bullion, amid uncertainty that caused some importers to halt gold shipments into the United States. The official stated that the White House intends to issue an executive order soon to clarify misleading information about tariffs on gold bullion and other specialized products. US gold futures trimmed gains following the White House statement, last rising 0.1% to $3,457 per ounce. The Customs decision relates to the administration’s July 31 evaluation of tariffs on gold bullion from Switzerland, the world’s largest center for gold refining and transport. Customs stated that the correct Harmonized System code used for importing gold bars weighing one kilogram and 100 ounces—the most traded sizes in the US futures market—is 7108.13.5500, not 7108.12.10.

However, Washington only included the latter code in the list of tariff-exempt products for each country in April and did not include 7108.13.5500. The Swiss Association of Precious Metals Manufacturers and Traders said the clarification applies to any country exporting these bars to the US. Christoph Wylde, the association’s president, said, “The US is an established market for us, so this step represents a blow to the industry and Switzerland.” A decision posted on the US Customs and Border Protection website indicated that Washington may impose tariffs on the most traded imported gold bars in the US based on country of origin, a move that could significantly impact global precious metal supply chains.