It seems like President Donald Trump is giving gold a free pass from his tariffs. Trump said on Monday that the U.S. would not impose tariffs on imported gold, easing fears of disruption in the world’s bullion market. “Gold will not be Tariffed!” the president wrote on his Truth Social platform.
Gold imports to the United States saw notable shifts influenced by changing trade policies and market conditions. Early in the year, the U.S. experienced a surge in gold imports, primarily in the form of refined gold bars. This uptick was largely driven by attractive price differences in the U.S. market compared to other regions, especially Switzerland, which remained a key supplier.
The strong demand was fueled by investors seeking safe-haven assets amid global economic uncertainties, pushing imports higher in the first quarter. Additionally, growing interest in gold-backed exchange-traded funds (ETFs) contributed to increased import volumes, reflecting sustained confidence in gold as a hedge against inflation and market volatility.
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However, the landscape shifted mid-year after the U.S. government under President Trump, exempted gold imports from newly imposed tariffs. This policy change led to a reduction in gold premiums and cooled the import surge, as the arbitrage opportunities that previously encouraged heavy imports diminished.
Despite this slowdown, the U.S. maintained a significant role in the global gold market. Demand for gold-backed ETFs remained robust, and export levels of gold were poised to reach highs not seen since 2013.
Trump’s statement ended days of market uncertainty triggered by a U.S. Customs and Border Protection (CBP) ruling last week outlining new duties on imports of widely traded bullion bars.
The United States’ gold trade is shaped by significant partnerships and recent policy changes. The U.S. continues to import large volumes of gold, especially refined bullion from Switzerland, which accounted for $61.5 billion worth of imports before new tariffs were imposed. However, in August, the U.S. introduced a 39% tariff on certain Swiss gold bars, dramatically impacting trade and causing market volatility.
Other key importers include Canada, contributing $18.5 billion mostly in unprocessed gold, Mexico with $172.9 million, and Hong Kong and South Africa, supplying substantial amounts despite fluctuations in trade volumes. These imports are vital for various industries, including technology and investment.
On the export side, the U.S. actively ships gold compounds to several countries. Mexico and Singapore lead U.S. gold exports, receiving $49.5 million and $25.5 million worth, respectively. South Korea also plays a major role, importing nearly 485,000 kg of U.S. gold compounds. Canada and China follow as significant recipients. These export relationships reflect ongoing demand for American gold products globally.
Trump’s intervention came days after the Financial Times revealed that the U.S. would hit one-kilo gold bars with tariffs, triggering a surge in gold futures to a record intraday high of $3,534 per ounce.
In 2025, the U.S. gold trade experienced significant fluctuations driven by evolving trade policies and market dynamics. Early in the year, rising demand for gold as a safe-haven asset and increased interest in gold-backed ETFs boosted imports, particularly from Switzerland, a major supplier. However, proposed tariffs on certain gold bars created market uncertainty and pushed prices higher.