(Kitco News) – Switzerland’s bullion exports to the United States plummeted in August after a shock customs ruling imposed tariffs on gold bars, according to the latest Swiss customs data published Thursday.
Gold exports to the U.S. nearly stopped altogether during the month, with the customs data showing shipments from Switzerland dropping over 99% to only 0.3 tonnes in August compared to July’s figures.
The global gold market was left reeling after the Financial Times published an article on August 6, revealing that the United States had imposed import tariffs on gold bars from Switzerland.
According to a letter from U.S. Customs and Border Protection dated July 31st, 1-kilogram and 100-ounce gold bars would be classified under a customs code that subjects them to costly tariffs, with Switzerland's 39% tariff rate among the highest the Trump administration has imposed.
The White House responded the following day that it would “clarify misinformation” regarding the gold tariffs, and early the following week, President Trump announced on social media that “Gold will not be Tariffed!”
However, the tariff exemption for gold bars was only formalized in early September, meaning that gold shipments to the United States did not normalize until then.
Switzerland exported a record $36 billion in gold to the United States in Q1, with the bullion exports making up over two-thirds of its quarterly trade surplus with the U.S.
Total Swiss exports to the U.S., adjusted for seasonal swings, were 22% lower in August than the prior month, the data showed.
Meanwhile, Swiss gold shipments to China more than tripled in August, reaching their highest level since May 2024, while exports to India also rose.
The Swiss data showed that gold exports to China hit 35 tonnes last month, up from 9.9 tonnes in July. Switzerland also shipped 15.2 tonnes to India in August, up from 13.5 tonnes the previous month.
Total gold exports from Switzerland fell 19% to under 105 tonnes last month.
