Trump Declares Gold Imports Free from Tariffs Amid Market Turmoil
Trump Declares Gold Imports Will Not Face Tariffs, Easing Market Concerns
Washington, D.C. — In a surprising turn of events, President Donald Trump announced on Monday that imports of gold to the United States will not be subject to tariffs, a statement that has brought relief to investors and traders alike. "Gold will not be Tariffed!" Trump declared on social media, following a week of confusion triggered by a ruling from U.S. Customs and Border Protection (CBP) that suggested otherwise.
The announcement comes after the CBP classified Swiss gold bars as subject to a hefty 39% tariff imposed on Switzerland, leading to a significant drop in gold futures, which fell by 2.5% early Monday. Investors had been anxiously awaiting clarification from the White House regarding the administration’s stance on gold imports, which had created chaos in the market.
The White House had hinted at a new policy to clarify the tariff situation, but Trump’s decisive statement appears to have quelled immediate concerns. Gold prices had been sliding prior to the announcement, reflecting the uncertainty surrounding the potential tariffs.
In a broader context, the Trump administration is reshaping trade relationships globally. On the same day, tech giants Nvidia and AMD confirmed they would pay 15% of their revenue from AI-related chip sales to China as part of a new agreement with the U.S. government. This unusual arrangement effectively monetizes U.S. trade policy, raising eyebrows among industry experts. "What we are seeing is in effect the monetization of U.S. trade policy," said Stephen Olson, a former U.S. trade negotiator.
Meanwhile, Trump also urged China to quadruple its soybean purchases ahead of a Tuesday deadline for extending a truce on tariffs. When asked about the possibility of extending the deadline, Trump remained noncommittal, stating, "We’ll see what happens," while expressing satisfaction with China’s recent dealings with the U.S.
As the administration’s tariff policies continue to evolve, the implications for both domestic and international markets remain significant. The latest developments underscore the complexities and uncertainties that businesses face in navigating the current trade landscape.
Stay tuned for more updates as the situation unfolds.
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