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US imposes tariffs on one-kilo gold bars -- FT
Breaking news
US imposes tariffs on one-kilo gold bars -- FT
New
2025.08.08 08:16
2025.08.08 08:16
2025.08.08 08:16
The United States (US) has slapped tariffs on imports of one-kilo gold bars in a blow to refining hub Switzerland, the world's largest refining hub, the Financial Times reported late Thursday.
The Customs Border Protection agency stated that one-kilo and 100-ounce gold bars should be classified under a customs code subject to levies, according to a so-called ruling letter dated July 31.
Market reaction
At the time of writing, the Gold price (XAU/USD) is trading 0.10% higher on the day to trade at $3,400.
Tariffs FAQs
Tariffs are customs duties levied on certain merchandise imports or a category of products. Tariffs are designed to help local producers and manufacturers be more competitive in the market by providing a price advantage over similar goods that can be imported. Tariffs are widely used as tools of protectionism, along with trade barriers and import quotas.
Although tariffs and taxes both generate government revenue to fund public goods and services, they have several distinctions. Tariffs are prepaid at the port of entry, while taxes are paid at the time of purchase. Taxes are imposed on individual taxpayers and businesses, while tariffs are paid by importers.
There are two schools of thought among economists regarding the usage of tariffs. While some argue that tariffs are necessary to protect domestic industries and address trade imbalances, others see them as a harmful tool that could potentially drive prices higher over the long term and lead to a damaging trade war by encouraging tit-for-tat tariffs.
During the run-up to the presidential election in November 2024, Donald Trump made it clear that he intends to use tariffs to support the US economy and American producers. In 2024, Mexico, China and Canada accounted for 42% of total US imports. In this period, Mexico stood out as the top exporter with $466.6 billion, according to the US Census Bureau. Hence, Trump wants to focus on these three nations when imposing tariffs. He also plans to use the revenue generated through tariffs to lower personal income taxes.
Last updated
: 2025.08.08
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FXStreet is a forex information website, delivering market analysis and news articles 24/7.
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EUR/USD steadies around 1.1650 amid Fed rate cut expectations, ECB policy pause
EUR/USD remains steady after registering gains in the previous three successive sessions, trading around 1.1660 during the Asian hours on Friday.
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New
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New
2025.08.08 10:21PBOC sets USD/CNY reference rate at 7.1382 vs. 7.1345 previous
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New
2025.08.08 10:15Japan's Akazawa sees US to repay accumulated taxes later
Japanese trade envoy Ryosei Akazawa said on Friday that the United States (US) has agreed to correct a presidential order on tariffs and refund any excess duties collected in error. Akazawa added that there was no disagreement between the US and Japan over reciprocal tariffs.
New
2025.08.08 09:47BoJ Summary of Opinions: Member says uncertainty surrounding trade policy and impact remains large
The Bank of Japan (BoJ) published the Summary of Opinions from the July monetary policy meeting, with the key findings noted below.
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2025.08.08 08:37Disclaimer:
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