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The National
22 minutes ago
- The National
Trump says gold to be spared from tariffs
US President Donald Trump said on Monday that gold will be exempt from tariffs, days after a government posting caused uncertainty as to what is considered a safe haven asset. "Gold will not be tariffed," Mr Trump wrote on the Truth Social media platform, without offering further details. US gold futures were trading 2.36 lower at to $3,408.80 an ounce at 2.15pm ET. Gold prices hit a record high last week after the US Customs and Border Protection ruled that gold bars from Switzerland would be subjected to tariffs that Mr Trump had placed on the country. A White House official later said it would issue an order in the near future to exempt gold bars. Had the tariff gone into effect, Switzerland's gold exports would have faced the same 39 per cent charge as other goods. The Swiss Precious Metals Association on Friday also warned the tariffs could harm "the international flow of physical gold". "We are particularly concerned about the implications of the tariffs for the gold industry and the physical exchange of gold with the US, a long-standing and historical partner for Switzerland,' said Christoph Wild, the association's president. Barrick Mining chief executive Mark Bristow told Reuters before Mr Trump's announcement that the tariff's impact on miners would have been minimal. The price of gold is up more than 27 per cent this year as investors flock to it amid Mr Trump's on-again, off-again tariff agenda. Eyes are on a trade truce between the US and China that was set to expire on Tuesday. Washington and Beijing had imposed escalating tariffs on each other's goods this year, and the two countries had agreed to a 90-day pause in May that temporarily lowered them. Asked on Monday about the deadline, Mr Trump said: "We'll see what happens. They've been dealing quite nicely. The relationship is very good with President Xi [Jinping] and myself." Abramovich London A Kensington Palace Gardens house with 15 bedrooms is valued at more than £150 million. A three-storey penthouse at Chelsea Waterfront bought for £22 million. Steel company Evraz drops more than 10 per cent in trading after UK officials said it was potentially supplying the Russian military. Sale of Chelsea Football Club is now impossible. Structural%20weaknesses%20facing%20Israel%20economy %3Cp%3E1.%20Labour%20productivity%20is%20lower%20than%20the%20average%20of%20the%20developed%20economies%2C%20particularly%20in%20the%20non-tradable%20industries.%3Cbr%3E2.%20The%20low%20level%20of%20basic%20skills%20among%20workers%20and%20the%20high%20level%20of%20inequality%20between%20those%20with%20various%20skills.%3Cbr%3E3.%20Low%20employment%20rates%2C%20particularly%20among%20Arab%20women%20and%20Ultra-Othodox%20Jewish%20men.%3Cbr%3E4.%20A%20lack%20of%20basic%20knowledge%20required%20for%20integration%20into%20the%20labour%20force%2C%20due%20to%20the%20lack%20of%20core%20curriculum%20studies%20in%20schools%20for%20Ultra-Othodox%20Jews.%3Cbr%3E5.%20A%20need%20to%20upgrade%20and%20expand%20physical%20infrastructure%2C%20particularly%20mass%20transit%20infrastructure.%3Cbr%3E6.%20The%20poverty%20rate%20at%20more%20than%20double%20the%20OECD%20average.%3Cbr%3E7.%20Population%20growth%20of%20about%202%20per%20cent%20per%20year%2C%20compared%20to%200.6%20per%20cent%20OECD%20average%20posing%20challenge%20for%20fiscal%20policy%20and%20underpinning%20pressure%20on%20education%2C%20health%20care%2C%20welfare%20housing%20and%20physical%20infrastructure%2C%20which%20will%20increase%20in%20the%20coming%20years.%3C%2Fp%3E%0A


Al Etihad
an hour ago
- Al Etihad
Trump says gold will not face tariffs after customs confusion
11 Aug 2025 22:01 WASHINGTON (AFP)US President Donald Trump said Monday that gold imports will not face additional tariffs, days after confusion flared on whether his recent duty hikes applied to certain gold bars, threatening to upend global trade of the precious metal. "Gold will not be Tariffed!" Trump said on his Truth Social platform, without providing further details. Last week, US customs authorities issued a letter saying that gold bars at two standard weights -- one kilogram and 100 ounces (2.8 kg) -- should be classified as subject to duties.


Khaleej Times
an hour ago
- Khaleej Times
Trump says gold will not face tariffs amid customs confusion
US President Donald Trump said Monday that gold imports will not face additional tariffs, days after confusion flared on whether his recent duty hikes applied to certain gold bars, threatening to upend global trade of the precious metal. "Gold will not be Tariffed!" Trump said on his Truth Social platform, without providing further details. Last week, US customs authorities issued a letter saying that gold bars at two standard weights, one kilogram and 100 ounces (2.8 kilos), should be classified as subject to duties. Recommended For You In April, major stock markets in the world suffered heavy losses triggered by Trump's tariffs. Some economists downplayed the global stock market plunge though and said there was 'no reason" to anticipate a recession based on the tariffs.