President Donald Trump moved Monday to calm global markets with a surprise announcement that gold bars will remain tariff-free, while also delaying a looming trade escalation with China.
The pair of decisions sent shockwaves through both Wall Street and the international trading community.
President Trump’s declaration came just days after U.S. Customs and Border Protection (CBP) issued a ruling that rattled bullion traders worldwide.
The agency had announced that standard 1-kilogram and 100-ounce gold bars from Switzerland would be subject to a steep 39 percent tariff, aligning them with the president’s broader trade penalties.
The move stunned financial markets, as many investors had assumed gold would be exempt.
"Gold will not be Tariffed!" – @POTUS 🇺🇸 pic.twitter.com/BAWCL7ccpW
— The White House (@WhiteHouse) August 11, 2025
Switzerland, although not a member of the European Union, was still hit with some of the most punishing tariff rates globally despite the EU having finalized a trade agreement with the U.S. last month.
The CBP order quickly sparked market turbulence, with the White House signaling Friday that the president would intervene to resolve the confusion.
On Monday, Trump took to his Truth Social platform to end the speculation, declaring, “Gold will not be Tariffed!”
Since returning to the Oval Office for his second term, the president has shaken international trade with sweeping tariff measures.
He dubbed April 2 “Liberation Day,” launching a wave of reciprocal tariffs on countries worldwide, with rates tailored to individual nations.
Although subsequent trade deals have brought many of those rates down, recent weeks have seen new tariffs, including on Switzerland, take effect.
Alongside the gold announcement, Trump also acted to avert a major tariff hike on Chinese imports, postponing the deadline just one day before it was set to begin.
According to CNBC, citing a White House official, Trump signed an executive order extending the pause for 90 days as negotiations with Beijing continue.
Earlier this year, the U.S. and China exchanged massive tariff blows, with the U.S. imposing a staggering 245 percent rate on certain Chinese goods.
Talks since then have lowered the baseline to 10 percent, plus an additional 20 percent on targeted imports.
Trump and Chinese President Xi Jinping have been working toward a potential in-person meeting to finalize a trade agreement, with their last conversation taking place by phone in June.
U.S. and Chinese negotiators spent two days in Stockholm in late July, ultimately agreeing to prolong the fragile trade truce.
“They’ve been dealing quite nicely — the relationship is very good with President Xi and myself,” Trump told reporters, adding in a Truth Social post, “Tariffs are making our Country Strong and Rich!!!”
The new timeline pushes the U.S.–China trade deadline into early November, keeping high-stakes talks alive as Trump’s administration manages a network of tariff disputes.
As of August 7, tariffs on goods from over 60 countries went into effect after 18 weeks of tense negotiations.
Canada saw its tariff rate jump to 35 percent, while Mexico secured a 90-day extension.
India now faces an additional 25 percent tariff on top of one imposed earlier this month, while Brazil is contending with a 50 percent rate on many of its exports.
Nations still without finalized trade deals with Washington include Switzerland, South Africa, Brunei, Cambodia, Bolivia, Ecuador, Iceland, Nigeria, Sri Lanka, New Zealand, Turkey, Norway, Iran, North Korea, and Russia.
Trump’s Monday schedule extended beyond trade. Speaking at the White House press briefing, the president addressed growing speculation over whether his administration might reclassify marijuana as a less dangerous drug.
President Trump on marijuana: "We're looking at reclassification and we'll make a determination over the next few weeks." pic.twitter.com/GTiYKogmuA
— CSPAN (@cspan) August 11, 2025
He acknowledged the complexity of the matter, citing both positive reports on medical marijuana and concerns about broader use.
“Some people hate the whole concept of marijuana because if it does bad for the children, it does bad for people older than children,” Trump said, describing the topic as “a very complicated subject” with divided opinions.
Wrapping up the day, Trump made a significant political move in Georgia, endorsing Lt. Gov. Burt Jones in the state’s upcoming gubernatorial race.
In a Truth Social post, he touted Jones as “Highly Respected and very popular,” praising his record and pledging that the Republican candidate would champion economic growth, tax cuts, American manufacturing, energy dominance, border security, military support, law enforcement, election integrity, and the Second Amendment.
President @realDonaldTrump just endorsed our campaign for Governor of Georgia! 🇺🇸
We’re fighting for election integrity, lower taxes, and to secure Georgia values — and with Trump’s support, we’re just getting started.
Join us ➡️ https://t.co/aOdLAdyGOC pic.twitter.com/IK7PBFBG2W
— Burt Jones (@burtjonesforga) August 11, 2025
“Burt Jones for Governor has my Complete and Total Endorsement – HE WILL NEVER LET YOU DOWN!” Trump wrote.
Jones quickly responded on X, thanking Trump and highlighting shared priorities such as election integrity, lower taxes, and defending Georgia values. “With Trump’s support, we’re just getting started,” he posted.
