The CBP Customs Protection Agency (CBP) stated that the gold leverage of one kilogram and 100 ounces should be classified under the customs code subject to the so-called letter of the Decision of 31. July, which saw the Financial Times. The letters of the US decision uses to clarify their trade policy.
The CBP’s decision in sharp opposites with previous industry expectations in order to classify these types of gold lens using another customs code exempt from Trump National Customs.
The plows of one kilogram are the most common form that is traded on COMEX, the world’s largest market of terminal contracts for gold, and make up the majority of Swiss exports of gold in the United States.
Relations between Washington and Bern have worsened after the USA announced a customs duty from 39 percent to imports from that country, seebiz. Gold is one of the largest Swiss export products in the United States show customs data.
The customs decision gave a “another blow to the Swiss gold store with the United States, said Christoph Wild, President of the Swiss Association of Producers and Tribal Metals. Wild added that customs duty will make it difficult to satisfy the demand for yellow metal.
Earlier this year, traders hurried to enter gold in the US before Trump’s customs in “Day of Liberation” – creating record supplies on COMEX and leading to a temporary shortage of gold in London.
However, when these customs were announced, they included exemptions for many goods, including a certain classification of gold lever that was broadly interpreted as if it covers large gold levers.
The global trade stream for gold lever is usually triangular: large gold lever travel between London and New York, through Switzerland, where they are processed in different sizes.
Two markets use lever different sizes, where London uses a 400 ounce lever, which is approximately the size of the brick, while in New York prefers a lever from a pound, about the size of the smartphone.
The flaming gold this year was increased in historic year, increased by 27 percent from the end of 2024. and briefly reached $ 3500 per ounce. Fears due to inflation, concerns about the level of state debt and the decline in the US dollar as a backup currency contributed to a sudden growth of gold prices.
Switzerland exported $ 61.5 billion gold in the US for 12 months ended in June. The same volume would now be subject to additional 24 billion dollar tariffs according to the Swiss Tariff rate of 39 percent, which came into force on Thursday.
“The opinion prevailed that the noble metals that flip the Swiss refineries and exports in the United States can deliver without customs,” Wild, president of the Association. “However, the classification of customs codes for different gold products is not always precise.”
Several Swiss Refineries of gold stated that they were discussed for months with lawyers to determine which kinds of gold products can be exempted, which is not. The two refineries were said for the Financial Times that they temporarily reduced or stopped deliveries in the United States due to uncertainty.
(Vijesti.ba)
