The recent update to the U.S. tariff schedule by the White House has been positively received by the London Bullion Market Association (LBMA), particularly in light of complications stemming from a recent ruling by U.S. Customs regarding gold bars. The executive order, effective from September 5, adjusts tariffs on several goods, notably key gold products, and is considered a “reciprocal tariff” initiative.
As part of this change, gold bars imported from “aligned partner” countries will enjoy a 0% tariff on entries made after September 8, 2025. This applies to specific product codes defined in the Harmonized Tariff Schedule of the United States, namely 7108.11.00, 7108.12.50, 7108.13.10, 7108.13.55, 7108.13.70, and 7108.20.00. The LBMA has hailed this move as a crucial step for the industry, especially following a period of uncertainty triggered by a recent Customs and Border Protection (CBP) ruling.
Earlier in August, the CBP website raised concerns by suggesting that popular gold bullion bars might be subject to specific tariffs based on their country of origin. This prompted traders to temporarily halt shipments to the U.S. while seeking clarification on the issue. To alleviate these concerns, President Trump took to social media on August 11, asserting that “Gold will not be Tariffed!” although he did not elaborate further on this announcement.
The LBMA indicated that it would keep a close watch on the evolving situation and provide additional updates as necessary. The organization is engaged in ongoing talks with stakeholders, including members, market infrastructure providers, and relevant authorities in the U.S., Europe, and the UK, regarding tariff-related matters for silver.
In addition to the tariff update concerning gold, the LBMA has also addressed the classification of kilobars under the UK’s REACH chemical regulation. According to recent communications from the UK’s Health and Safety Executive, kilobars imported as investment products might be classified as “articles,” thereby exempting them from the registration process. However, the LBMA warned that kilobars intended for manufacturing, such as those used in jewelry production, could still be categorized as chemical substances.
The financial community continues to scrutinize these developments as they unfold, highlighting the evolving landscape of international trade and tariffs in the precious metals market.
