The Swiss Precious Metals Association (ASFCMP) has issued a response to the recent U.S. decision to apply a 39% tariff on certain gold imports. The move clarifies that commonly traded Comex‑deliverable gold bars—specifically 1 kg and 100 oz sizes—are not exempt and therefore fall within the scope of the new charges.
According to U.S. Customs and Border Protection, these bars have been classified under a tariff code that triggers the 39% duty. This classification affects gold shipments from all exporting countries and is not limited to material originating in Switzerland. The change has immediate implications for the flow of physical precious metal into the U.S. market, particularly for bullion intended for delivery on commodity exchanges.
Christoph Wild, President of ASFCMP, expressed concern about the economic and operational consequences of the tariff for the long‑established gold trade between Switzerland and the United States. Switzerland has historically played a central role in refining, fabricating and distributing investment‑grade gold; the new tariff regime risks disrupting established supply chains and commercial relationships that rely on predictable cross‑border trade conditions.
Industry participants now face a complex and rapidly evolving environment. The ASFCMP has begun consultations with Swiss government authorities to assess legal, commercial and diplomatic options. At the same time, the association is coordinating with major market bodies such as the London Bullion Market Association and the World Gold Council, as well as relevant U.S. agencies and trade organizations, to clarify the tariff application and explore potential remedies or exemptions.
Market operators note that a 39% duty significantly alters the cost structure of exporting standard bullion bars to the U.S. For many transactions, the tariff will render deliveries economically impractical, effectively closing an important legal channel for the movement of investment gold. Traders, refiners and vault operators will need to reassess pricing, logistics and contractual commitments in light of the added cost and the uncertainty about how long the measure will remain in force.
The broader implications extend beyond immediate trade volumes. Secondary effects may include shifts in where bullion is stored and settled, changes in which markets are used for price discovery and delivery, and adjustments in how market participants hedge and finance physical positions. If Switzerland’s role as a global refining and distribution hub is constrained, buyers and sellers may accelerate diversification of counterparties and storage locations to mitigate concentration risk.
ASFCMP emphasized it is seeking constructive dialogue to limit market disruption while upholding legal and regulatory obligations. The association’s outreach aims to ensure clear communication between stakeholders and to identify any administrative steps that could reduce unnecessary hardship for legitimate bullion trade. A priority is clarifying whether particular manufacturing, refining or provenance criteria could be used to distinguish exempt product types, and whether procedural remedies exist to contest or modify the tariff classification.
Until the situation is resolved, importers and exporters should monitor customs guidance closely and review contractual terms that govern delivery obligations and risk allocation. Parties engaged in cross‑border bullion transactions may wish to seek specialist advice on customs classification, origin documentation and alternative logistics solutions to preserve liquidity and manage margin exposure.
In summary, the U.S. imposition of a 39% tariff on certain gold bars, including standard 1 kg and 100 oz Comex‑deliverable sizes, has prompted significant concern from the ASFCMP. The association is actively engaging with domestic and international partners to clarify the measure’s scope and to pursue options that reduce disruption to the global precious metals market. Meanwhile, market participants should be prepared for higher costs and potential changes in settlement and storage practices while stakeholders work toward a durable resolution.