** In an unexpected move, the Trump administration has imposed tariffs on gold bullion—a market previously believed exempt—triggering confusion and sending New York gold prices soaring to a record $3,543 per ounce. Gold typically escapes such duties due to its critical role in the global financial system, and the White House had explicitly exempted it in April. The decision stunned traders, particularly Switzerland, the world’s top gold exporter.
For Bern, the tariffs deliver a fresh blow following Washington’s earlier 25% levy on Swiss products, plunging the country’s trade policy into chaos. Switzerland is now exploring all options to resolve the impasse, including potential mediation by FIFA President Gianni Infantino—a Swiss native with longstanding personal ties to Trump.
The move threatens to disrupt global bullion flows. The Comex exchange, central to gold futures trading, relies on seamless metal imports into U.S. warehouses to settle contracts. Tariffs could significantly raise costs, especially given Switzerland’s pivotal industry role. Traders now float London as an alternative hub, endangering New York’s status as the world’s premier gold futures marketplace.
Trump hailed the tariffs’ “very positive impact,” citing stock market records and “hundreds of billions” in U.S. revenue. However, data from the WTO and IMF shows average U.S. tariffs at 20.1%—the highest since the 1910s barring brief 2025 spikes. While the EU awaits a joint-deal signature, Japan has demanded Washington revise its tariff order against Tokyo to reflect bilateral agreements.
India faces heightened pressure, with U.S. tariffs now openly wielded as geopolitical leverage to force New Delhi to slash Russian oil imports and weaken Moscow’s war machine. Total Indian tariffs hit 50%, including a 25% penalty for Russian crude. Despite ongoing talks, U.S.-India relations remain strained after Trump’s June 17 call with Prime Minister Modi, where Modi rejected third-party mediation on India-Pakistan ceasefires—contradicting Trump’s claims of nuclear-war prevention. The call preceded Trump’s abrupt shift from praising India to imposing punitive tariffs.