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.

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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.