Gold refineries halt shipments to the U.S. due to a possible 39% tariff.

The gold supply chain is facing a new challenge: refineries, including one of the largest in Switzerland, have halted shipments of bullion to the United States due to the possibility of import tariffs of up to 39%. According to a resolution published by Customs and Border Protection, Washington would change the tariff code applicable to 1-kilogram, 100-troy-ounce bullion—the most traded in the U.S. market—excluding them from the list of tariff-free products by country.

The adjustment means that cast ingots, not only from Switzerland but from any country, would be subject to the tax, which directly affects global trade in the metal. The Swiss Association of Precious Metal Manufacturers and Traders described the measure as a "blow" to the industry and anticipated a complete suspension of exports to the United States if the tariff is confirmed.

Switzerland, the world's largest gold refining and transit center, is believed to be one of the hardest hit, but not the only one. The United Kingdom, the main over-the-counter trading market, and mining countries such as South Africa and Canada could also face a slowdown in shipments. A Swiss refinery has already suspended operations to the U.S., and logistics operators report that companies outside Switzerland have adopted the same measure as a precaution. Regulatory uncertainty threatens to make gold more expensive in the U.S. market and disrupt the normal flow of one of the most valuable metals on the planet.