Gold imports will not face U.S. tariffs, President Donald Trump said Monday, easing recent market turmoil.
He wrote on Truth Social: “Gold will not be Tariffed!”
Last week, U.S. Customs and Border Protection unexpectedly announced tariffs on imported gold bullion bars, marking the first time such duties had been applied to gold — a commodity typically exempt because of its financial significance. The ruling disrupted markets and caused price spikes as traders rushed to adjust, the Financial Times reported.
The announcement sparked volatility in gold markets, with prices falling after the reversal and traders shifting their focus to upcoming economic data, according to Newsweek.
December delivery gold futures in the U.S. fell 2.5%, closing at $3,404.70 per ounce.
In other tariff news:
Advertisement
Trump on Monday postponed the reinstatement of higher U.S. tariffs on Chinese imports for 90 days, delaying a planned increase set to take effect Tuesday, CNBC reported. The move follows recent trade talks and continues a pattern of shifting tariff policies that have created uncertainty for businesses.
Honoring a Legacy: How Smith & Son Jewelers Exceeded Every Goal With Wilkerson
When Andrew Smith decided to close the Springfield, Massachusetts location of Smith & Son Jewelers, the decision came down to family. His father was retiring after 72 years in the business, and Andrew wanted to spend more time with his children and soon-to-arrive grandchildren.
For this fourth-generation jeweler whose great-grandfather founded the company in 1918, closing the 107-year-old Springfield location required the right partner. Smith chose Wilkerson, and the experience exceeded expectations from start to finish.
"Everything they told me was 100% true," Smith says. "The ease and use of all their tools was wonderful."
The consultants' knowledge and expertise proved invaluable. Smith and his father set their own financial goal, but Wilkerson proposed three more ambitious targets. "We thought we would never make it," Smith explains. "We were dead wrong. We hit our first goal, second goal and third goal. It was amazing."
Smith's recommendation is emphatic: "I would never be able to do what they did by myself."
