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Investing.com -- The Trump administration plans to issue a new policy that will exempt gold bars from tariffs, following confusion in the market after U.S. Customs and Border Protection had ruled they would be subject to duties, according to a report from Bloomberg.
The White House intends to release an executive order in the near future to address what an official described as misinformation regarding tariffs on gold and other specialty products.
Industry participants had previously believed that gold bars would not be included in President Donald Trump’s "reciprocal tariffs," which include a 39% duty on goods imported from Switzerland, a major gold exporter.
The confusion arose when a Swiss gold refiner inquired about the tariffs and received a letter from U.S. Customs and Border Protection stating that one-kilogram and 100-ounce gold bars would indeed be subject to the levies.
The upcoming executive order aims to provide clarity on the issue and confirm the exemption status for gold imports.