Latest news with #ASFCMP
Time of India
2 days ago
- Business
- Time of India
White House to clarify tariffs for gold bars as industry stops flying bullion to US
The White House plans to clarify what its official called misinformation about import tariffs for gold bars amid uncertainty, which saw some industry players pausing deliveries of bullion to the United States. According to a ruling on the U.S. Customs and Border Protection (CBP) service's website on Friday, Washington may place the most widely traded gold bullion bars in the United States under country-specific import tariffs, a move that would roil the metal's global supply chains. Productivity Tool Zero to Hero in Microsoft Excel: Complete Excel guide By Metla Sudha Sekhar View Program Finance Introduction to Technical Analysis & Candlestick Theory By Dinesh Nagpal View Program Finance Financial Literacy i e Lets Crack the Billionaire Code By CA Rahul Gupta View Program Digital Marketing Digital Marketing Masterclass by Neil Patel By Neil Patel View Program Finance Technical Analysis Demystified- A Complete Guide to Trading By Kunal Patel View Program Productivity Tool Excel Essentials to Expert: Your Complete Guide By Study at home View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program The White House intends to issue an executive order in the near future "clarifying misinformation" about tariffs on gold bars and other specialty products, the White House official told Reuters on Friday. U.S. gold futures pared gains after the White House comment. They were last up 0.1% at $3,457 per ounce, reducing a premium over spot gold, the global benchmark, which was steady at $3,398. The CBP ruling refers to cast gold bars from Switzerland, the world's biggest bullion refining and transit hub, which is now subject to U.S. import tariffs of 39%. Live Events The CBP said that the correct HS customs code to use when supplying 1 kg bullion bars and 100 troy ounce bullion bars, the most traded sizes in the U.S. futures market, to the U.S. would be 7108.13.5500 and not 7108.12.10. However, Washington included only the latter code in the list of products excluded from country-specific import tariffs in April, with 7108.13.5500 not on the list. The Swiss Association of Precious Metals Manufacturers and Traders (ASFCMP) said in a statement that the clarification applied to any country delivering these bars to the U.S. "The United States is a longstanding market for us, so this is a blow for the industry and for Switzerland," Christoph Wild, president of the ASFCMP, told Reuters. "With a tariff of 39%, exports of gold bars will be definitely stopped to the U.S," Wild said. While Switzerland is the refining and transit hub, Britain is home to the world's largest over-the-counter gold trading hub, and South Africa and Canada are among major gold miners. "Likely imposing 39% tariffs on Swiss kilobars is akin to pouring sand into an otherwise well-functioning engine. I say "likely"...the possibility remains that this is an error," said independent analyst Ross Norman. A major gold refinery in Switzerland stopped deliveries to the U.S. after seeing the CBP ruling, a top manager at the refinery told Reuters, while a gold logistics specialist said some other industry players outside Switzerland did the same. The White House's upcoming executive order "should hopefully clear things up," said the logistics source. Protecting the U.S. gold futures during this uncertainty are high stocks of gold in Comex-owned warehouses , after massive inflows over December-March as traders hedged against the possibility of broad U.S. tariffs hitting bullion imports. "The COMEX inventories currently amount to 86% of open interest - against a more normal 40-45% - so there is no liquidity issue at present," said StoneX analyst Rhona O'Connell.
The Sun
2 days ago
- Business
- The Sun
White House to clarify tariffs for gold bars
LONDON: The White House plans to clarify what its official called misinformation about import tariffs for gold bars amid uncertainty, which saw some industry players pausing deliveries of bullion to the United States. According to a ruling on the U.S. Customs and Border Protection (CBP) service's website on Friday, Washington may place the most widely traded gold bullion bars in the United States under country-specific import tariffs, a move that would roil the metal's global supply chains. The White House intends to issue an executive order in the near future 'clarifying misinformation' about tariffs on gold bars and other specialty products, the White House official told Reuters on Friday. U.S. gold futures pared gains after the White House comment. They were last up 0.1% at $3,457 per ounce, reducing a premium over spot gold, the global benchmark, which was steady at $3,398. The CBP ruling refers to cast gold bars from Switzerland, the world's biggest bullion refining and transit hub, which is now subject to U.S. import tariffs of 39%. The CBP said that the correct HS customs code to use when supplying 1 kg bullion bars and 100 troy ounce bullion bars, the most traded sizes in the U.S. futures market, to the U.S. would be 7108.13.5500 and not 7108.12.10. However, Washington included only the latter code in the list of products excluded from country-specific import tariffs in April, with 7108.13.5500 not on the list. The Swiss Association of Precious Metals Manufacturers and Traders (ASFCMP) said in a statement that the clarification applied to any country delivering these bars to the U.S. 'The United States is a longstanding market for us, so this is a blow for the industry and for Switzerland,' Christoph Wild, president of the ASFCMP, told Reuters. 'With a tariff of 39%, exports of gold bars will be definitely stopped to the U.S,' Wild said. While Switzerland is the refining and transit hub, Britain is home to the world's largest over-the-counter gold trading hub, and South Africa and Canada are among major gold miners. 'Likely imposing 39% tariffs on Swiss kilobars is akin to pouring sand into an otherwise well-functioning engine. I say 'likely'...the possibility remains that this is an error,' said independent analyst Ross Norman. A major gold refinery in Switzerland stopped deliveries to the U.S. after seeing the CBP ruling, a top manager at the refinery told Reuters, while a gold logistics specialist said some other industry players outside Switzerland did the same. The White House's upcoming executive order 'should hopefully clear things up,' said the logistics source. Protecting the U.S. gold futures during this uncertainty are high stocks of gold in Comex-owned warehouses , after massive inflows over December-March as traders hedged against the possibility of broad U.S. tariffs hitting bullion imports. 'The COMEX inventories currently amount to 86% of open interest - against a more normal 40-45% - so there is no liquidity issue at present,' said StoneX analyst Rhona O'Connell. - Reuters
The Sun
2 days ago
- Business
- The Sun
White House to clarify tariffs for gold bars as industry stops flying bullion to US
LONDON: The White House plans to clarify what its official called misinformation about import tariffs for gold bars amid uncertainty, which saw some industry players pausing deliveries of bullion to the United States. According to a ruling on the U.S. Customs and Border Protection (CBP) service's website on Friday, Washington may place the most widely traded gold bullion bars in the United States under country-specific import tariffs, a move that would roil the metal's global supply chains. The White House intends to issue an executive order in the near future 'clarifying misinformation' about tariffs on gold bars and other specialty products, the White House official told Reuters on Friday. U.S. gold futures pared gains after the White House comment. They were last up 0.1% at $3,457 per ounce, reducing a premium over spot gold, the global benchmark, which was steady at $3,398. The CBP ruling refers to cast gold bars from Switzerland, the world's biggest bullion refining and transit hub, which is now subject to U.S. import tariffs of 39%. The CBP said that the correct HS customs code to use when supplying 1 kg bullion bars and 100 troy ounce bullion bars, the most traded sizes in the U.S. futures market, to the U.S. would be 7108.13.5500 and not 7108.12.10. However, Washington included only the latter code in the list of products excluded from country-specific import tariffs in April, with 7108.13.5500 not on the list. The Swiss Association of Precious Metals Manufacturers and Traders (ASFCMP) said in a statement that the clarification applied to any country delivering these bars to the U.S. 'The United States is a longstanding market for us, so this is a blow for the industry and for Switzerland,' Christoph Wild, president of the ASFCMP, told Reuters. 'With a tariff of 39%, exports of gold bars will be definitely stopped to the U.S,' Wild said. While Switzerland is the refining and transit hub, Britain is home to the world's largest over-the-counter gold trading hub, and South Africa and Canada are among major gold miners. 'Likely imposing 39% tariffs on Swiss kilobars is akin to pouring sand into an otherwise well-functioning engine. I say 'likely'...the possibility remains that this is an error,' said independent analyst Ross Norman. A major gold refinery in Switzerland stopped deliveries to the U.S. after seeing the CBP ruling, a top manager at the refinery told Reuters, while a gold logistics specialist said some other industry players outside Switzerland did the same. The White House's upcoming executive order 'should hopefully clear things up,' said the logistics source. Protecting the U.S. gold futures during this uncertainty are high stocks of gold in Comex-owned warehouses , after massive inflows over December-March as traders hedged against the possibility of broad U.S. tariffs hitting bullion imports. 'The COMEX inventories currently amount to 86% of open interest - against a more normal 40-45% - so there is no liquidity issue at present,' said StoneX analyst Rhona O'Connell. - Reuters
Reuters
3 days ago
- Business
- Reuters
Some gold players stop flying bars to US on tariff ruling uncertainty
LONDON, Aug 8 (Reuters) - Some gold refineries, including a large Swiss entity, have paused deliveries of bullion to the United States due to uncertainty over whether country-specific U.S. import tariffs will apply to their metal, two sources familiar with the matter told Reuters. According to a ruling on the U.S. Customs and Border Protection service's website on Friday, Washington may place the most widely traded gold bullion bars in the United States under country-specific import tariffs, a move that would roil the metal's global supply chains. The ruling, opens new tab refers to cast gold bars from Switzerland, the world's biggest bullion refining and transit hub, which is now subject to U.S. import tariffs of 39%. The CBP said that the correct HS customs code to use when supplying 1 kg bullion bars and 100 troy ounce bullion bars, the most traded sizes in the U.S. futures market, to the U.S. would be 7108.13.5500 and not 7108.12.10. However, Washington included only the latter code in the list of products excluded from country-specific import tariffs in April, with 7108.13.5500 not on the list. The CBP did not immediately reply to a Reuters' request for further comment. The Swiss Association of Precious Metals Manufacturers and Traders (ASFCMP) said in a statement that the clarification did not apply exclusively to Switzerland but to all 1 kg and 100 ounce gold cast bars imported into the U.S. from any country. "The United States is a longstanding market for us, so this is a blow for the industry and for Switzerland," Christoph Wild, president of the ASFCMP, told Reuters. "With a tariff of 39%, exports of gold bars will be definitely stopped to the U.S," Wild said. While Switzerland is the refining and transit hub, Britain is home to the world's largest over-the-counter gold trading hub, and South Africa and Canada are among major gold miners. "Likely imposing 39% tariffs on Swiss kilobars is akin to pouring sand into an otherwise well-functioning engine. I say "likely"...the possibility remains that this is an error," said independent analyst Ross Norman. A major gold refinery in Switzerland has stopped deliveries to the U.S. for now, a top manager at the refinery told Reuters, while a gold logistics specialist said some other industry players outside Switzerland had also paused deliveries. U.S. gold futures were last up 0.9% at $3,484 per ounce, widening a premium over spot gold , the global benchmark, which fell 0.4% to $3,384. The muted reaction may be explained by high stocks of gold in Comex-owned warehouses , after massive inflows over December-March as traders hedged against the possibility of broad U.S. tariffs hitting bullion imports. "The COMEX inventories currently amount to 86% of open interest - against a more normal 40-45% - so there is no liquidity issue at present," said StoneX analyst Rhona O'Connell. The CBP could still amend its view, or Washington could possibly add the second HS code to its list of exclusions, or the industry could challenge the CBP's stance, the logistics source added.
