Donald Trump will issue an executive order “clarifying” the US’s stance on gold bar tariffs, after a ruling that a widely-traded form of the precious metal is subject to levies sent shockwaves through the bullion market.
“The White House intends to issue an executive order in the near future clarifying misinformation about the tariffing of gold bars and other speciality products,” a White House official said on Friday.
On Thursday, the Customs and Border Protection agency had published a ruling, which was first reported by the Financial Times, saying one-kilo and 100-ounce gold bars should be classified with a customs code that is subject to tariffs. Its decision stood in sharp contrast to a previous White House statement in April that bullion would be exempt from Trump’s levies.