President Trump clarifies gold will not be tariffed amid rumors it might be

After the Trump administration indicated that the new executive matter may be imminent that would clarify the United States’ position on whether it should face the imports of gold tariffs, the president himself took the issue in his hands with a announcement on Monday that gold will not be targeted. “

Trump’s advertisement follows a decision issued by the customs and borders of the United States, which said that gold will be subject to mutual tariffs after the request of a valuable mineral broker based in Switzerland to clarify in this regard. The referee said that the rate of 39 % will be imposed on one kilogram and 100 ounces of gold imported from Switzerland.

Reports that the Trump administration will put a tariff on American gold imports that have been criticized as “wrong information” by the White House, which was repeated on Monday that it intends to “issue an executive in the near future that clarifies the wrong information about the tariff of gold bars and other specialized products.”

Trump calls the sudden tariff “very beautiful to see” as it sailed critical in

While the contents of the executive order are unknown, Trump’s announcement said explicitly, “Gold will not be targeted!” With the presentation of the post as “a statement issued by Donald Trump, President of the United States of America.”

The potential definition news in late last week caused the rise in gold prices, but after the responses of the White House indicate that this would not be, they began to decline.

“In the first hours of trading [on Friday]The global markets were shaken by announcing the Trump administration from a 39 % tariff on imported gold bars that weigh 100 ounces or more. In December, futures for gold reached a high price of $ 3534.10 an ounce after the announcement of the announcement.

The budget deficit in the United States expanded by 109 billion dollars from last year despite the flow of customs tariffs

Part of the gold smelting process in precious metals A&M in Los Angeles. (Fox Business Network / Fox News)

“This sudden step injects uncertainty in the alloys market, anxiety dealers, refining refineries, and institutional investors who trade in larger formats” the stock exchange delivery. ”

“While gold is rarely targeting protectionist measures – unlike basic minerals, agriculture or manufactured goods – this decision requires close attention, whether because of its impact on the market or the possible effects on future monetary policy.”

Get Fox Business on the Go by clicking here