I read an interesting article about gold and tariffs on gold, which apparently is affecting the price of gold in the precious metals market.
The story published by Yahoo Finance references a decision by CBP on the treatment of gold. The story says:
The precious metal hit $4,490 per ounce on the Comex exchange in New York after the Financial Times reported that one-kilogram and 100-ounce bars of gold are indeed subject to 39% reciprocal tariffs on Switzerland recently announced by the Trump administration.
“The move is significant because 1-kilo and 100-ounce gold bars form the backbone of much of the gold trading activity in the United States,” Ryan McIntyre, senior managing partner at investment manager Sprott, told Yahoo Finance.
The story mentions a “clarification” issued by CBP. In industry jargon, a clarification by CBP is called a ruling letter. I went on the look for it, and lo, and behold, it is Ruling N351466, dated July 31, 2025, which you can read for yourself.
The ruling concerns a 100 oz bullion bar and a kilo bullion bar. Both bars are formed by casting in molds, with some etching and stamping of information about the bars also being done.
The importer suggested classification under 7108.12.10 as “unwrought non-monetary gold bullion or dore.” CBP said classification under that particular code is prohibited by a chapter note which says that unwrought gold does not cover cast gold, among other things. In other words, if the gold is cast it is wrought (not unwrought). That particular HTS code is exempt from reciprocal tariffs.
CBP considered the casting, stamping, and needling/lasering done on the gold bars as making them wrought (or in different words, “further processed”). CBP determined that the proper classification is 7108.13.5500, which covers “semimanufactured” gold. This particular HTS code is NOT exempt from reciprocal tariffs, and that is what is causing the turmoil in the gold market. For gold imported from Switzerland, currently the reciprocal tariff rate is 39%.
This seems to me like an unintended result, given that gold was exempted if classified under 7108.12.10. We will see, though, if an executive order also exempts 7108.13.5500 in the coming days.
Gold Tariff Questions?
Do you have questions about the gold tariffs? We have answers for you. Great Lakes Customs Law has been advising importers for more than 15 years. Call us at (734) 855-4999, send a text message, or reach us on WhatsApp.