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UPI
08-08-2025
- Business
- UPI
U.S. gold futures spike with 39% tariffs on Switzerland enacted
1 of 3 | The price of U.S. gold futures spiked Friday, a day after Switzerland was hit with 39% American tariffs on its goods, including 1-kilogram gold bullion bars. File Photo by Anatoli Zhdanov/UPI | License Photo Aug. 8 (UPI) -- The price of U.S. gold futures spiked on Friday, a day after Switzerland was hit with 39% American tariffs on its goods, including 1-kilogram gold bullion bars. Gold on the COMEX, the world's largest market for gold futures, eclipsed $3,530 on Friday, a 52-week high. The metal was up $8.10 or 0.23% to $3,461 as of 2 p.m. EDT. President Donald Trump last month confirmed he would move ahead with his reciprocal tariff policy for countries that had not reached a trade deal with the United States, meaning a 39% duty on Switzerland. Those levies took effect Thursday. A ruling on the U.S. Customs and Border Protection website confirms the tariffs extend to the gold bars refined in Switzerland. Some analysts had hoped for an exemption. The ruling applies to both the 1-kg and 100-ounce gold bars. "Both types of bars are used primarily to back contracts on the Commodity Exchange (Comex), but are also sold to jewelers or industrial consumers for manufacturing purposes," reads the CBP ruling, which came after a New York firm requested clarification on the matter ahead of the tariffs taking effect. "The back of each bar is lasered with a QR code that serves as a certificate of authenticity, the production date, and a serial number." Switzerland is the world's leading gold refining nation. The country exported more than $36 billion of gold to the United States during the first quarter, making around two-thirds of Switzerland's American trade surplus. Swiss Confederation President Karin Keller-Sutter visited Washington this week in an attempt to reach a last-minute deal to avoid the tariffs. "The Federal Council acknowledged the application of additional tariffs of 39 percent on goods imported from Switzerland into the United States. It remains firmly committed to continuing talks with the United States to achieve a reduction of these additional tariffs on Swiss goods as quickly as possible," Keller-Sutter said in a statement Thursday. "To this end, it remains in contact with the American authorities and the affected economic sectors. It will also shortly hold in-depth discussions on possible relief for companies and continuously review the need for further economic policy action."
UPI
20-06-2025
- Politics
- UPI
On This Day, June 20: Arctic Circle reaches record-setting 100 degrees
1 of 5 | On June 20, 2020, the town of Verkhoyansk, Russia, reached a temperature of 100.4 degrees Fahrenheit, the highest temperature ever recorded in the Arctic Circle. File Photo by Anatoli Zhdanov/UPI | License Photo On this date in history: In 1893, a jury in Fall River, Mass., acquitted Lizzie Borden in the ax murders of her father and stepmother. In 1898, the U.S. Navy seized Guam, the largest of the Mariana Islands in the Pacific, during the Spanish-American War. The people of Guam were granted U.S. citizenship in 1950. In 1900, in response to widespread foreign encroachment upon China's national affairs, Chinese nationalists launched the so-called Boxer Rebellion in Beijing. In 1945, Secretary of State Edward Stettinius, Jr. approved the resettlement of Wernher von Braun and his team of Nazi rocket scientists to the United States. Von Braun would go on to lead the U.S. space program. File Photo courtesy of NASA In 1963, the United States and Soviet Union agreed to establish a hot line communications link between Washington and Moscow. In 1967, the American Independent Party was formed to back George Wallace of Alabama for president. In 1977, oil began to flow through the $7.7 billion, 789-mile Trans-Alaska Pipeline. In 1988, armed forces commander Lt. Gen. Henri Namphy declared himself leader of Haiti in a military coup overthrowing President Leslie Manigat. In 1991, the German Parliament voted to move its capital from Bonn to Berlin. In 2004, Pakistan and India reached agreement on banning nuclear testing. In 2009, insurgents, striking in a series of attacks as U.S. troops pulled out of Iraq as planned, set off a truck bomb near a Shiite mosque in northern Iraq, killing 82 people and injuring 250. In 2010, Juan Manuel Santos easily defeated former Bogota Mayor Antanas Mockus to become Colombia's president. File Photo by Kevin Dietsch/UPI In 2020, the town of Verkhoyansk, Russia, reached a temperature of 100.4 degrees Fahrenheit, the highest temperature ever recorded in the Arctic Circle. In 2023, Romanian authorities charged self-styled lifestyle coach and social media personality Andrew Tate and his brother, Tristan Tate, with rape and human trafficking. As of 2025, the brothers were expected to stand trial on the charges. File Photo by Robert Ghement/EPA-EFE
