Statement Released via Social Media
On August 11 (local time), U.S. President Donald Trump announced that gold would not be subject to tariffs.
President Trump made this statement through his own social networking service, Truth Social, on the same day.
Previously, on August 8, media reports indicated that U.S. customs authorities had classified 1kg gold bars and 100-ounce gold bars as items subject to tariffs. Following these reports, gold prices hit an all-time high, and uncertainty surrounding gold trading increased significantly. The 1kg gold bar is the most widely traded product on the New York Mercantile Exchange, the world's largest gold futures market. In addition, as the United States imposed a 39% reciprocal tariff on Switzerland, the world's largest gold refining country, concerns were raised that such a high tariff would also be applied to gold bars.
As the market was thrown into confusion over the plan to impose tariffs on gold, President Trump sought to calm the situation by confirming that gold would be excluded from the list of tariffed items.
Gold functions as both a financial asset and a global currency, making it fundamentally different from general raw materials such as copper, which are subject to tariffs. Experts have warned that if tariffs were imposed on gold, it could cause significant disruption to global gold trading and market stability.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
