Commodities
Trump’s Gold Tariffs Create Basis Gap Between US and London Markets
On July 31, 2025, the US Customs and Border Protection reclassified standard one-kilogram gold bars from exempt to a 39% duty under HTS code 7108.13.5500.
This decision stunned traders who had assumed these bars were tax-free and was part of a sequence of tariff reversals that started in April 2025 when a global import tariff took effect with exemptions for non-monetary gold bullion.
The reclassification caused dealers to reroute shipments away from the US border, leading to a $100 premium on New York gold futures over London spot prices in August 2025.