President Donald Trump on Monday announced that imported gold will remain free from U.S. tariffs, bringing an abrupt end to a brief period of market turbulence.
The declaration marked a sharp reversal from last week’s unexpected decision by U.S. Customs and Border Protection to impose duties on imported gold bullion bars — the first such measure in history. Traditionally, gold has been exempt from tariffs due to its role in global finance. The surprise policy triggered a surge in gold prices as traders scrambled to adapt.
Following Trump’s announcement, volatility persisted but prices headed lower, with U.S. December gold futures dropping 2.5% to close at $3,404.70 per ounce.
The gold tariff reversal came alongside another trade policy adjustment. Trump also postponed a planned hike in U.S. tariffs on Chinese goods, extending the deadline by 90 days. The delay, continues a pattern of unpredictable tariff shifts that have kept businesses on edge.