Good News for Jewellery Market: Donald Trump Announces Zero Tariff on Gold
Washington (The Uttam Hindu): US President Donald Trump has made it clear that no tariff (import duty) will be imposed on gold. He made this statement through his official social media account. This statement has come at a time when recently there was confusion that his new tariff hike would also apply to some types of gold bars, which could affect the global gold trade. Trump wrote on his social media platform Truth Social, "There will be no tariff on gold." However, he did not give any further details about this.
In recent times, there have been many discussions about increasing and decreasing tariffs on imported goods in the US. Meanwhile, there were some speculations that tariffs could also be imposed on gold, but Trump's statement put an end to all these speculations. In fact, last week US custom officials issued a letter, which said that gold bars of two standard weights (one kilogram and 100 ounces) should be kept under the purview of duty.
After this letter, there was growing concern among gold traders and investors that this would affect the international gold market. With this clear statement from Trump, the situation has now become clear and businessmen associated with the gold trade have got relief. Experts believe that this step will maintain stability in gold prices and its global trade.