White House Plans Gold Bar Tariff Clarification After Confusion Sends Gold Soaring: Report
Synopsis
According to the Financial Times, the White House is planning on issuing an executive order to clarify any “misinformation” around tariffs on gold bars.
The White House is reportedly planning to issue an executive order to clear up any confusion around tariffs on gold bars after futures linked to the precious metal hit a record high on Friday.
“The White House intends to issue an executive order in the near future clarifying misinformation about the tariffing of gold bars and other specialty products,” a White House official told the Financial Times.
According to documents seen by The Financial Times, the Customs and Border Protection agency said one-kilo and 100-ounce gold bars should be classified under a customs code subject to levies. One-kilo bars are the most common form of gold traded on Comex and would deal another blow to Switzerland.
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