President Trump Issues Updated Executive Order on Precious Metals Tariffs

A number of precious metal HTSUS codes were added to Annex 2 (tariff-free regardless of origin). A new Annex 3 introduces conditional exemptions tied to reciprocal trade agreements.

President Trump has issued a new Executive Order on Reciprocal Tariffs impacting the precious metals sector.

Read the Official White House Notice

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Disclaimer: The International Precious Metals Institute (IPMI) is committed to providing its members with timely and factual updates on developments affecting the precious metals industry. The information provided herein by IPMI is strictly for informational purposes. IPMI does not provide financial, legal, compliance, regulatory, or customs brokerage advice, and nothing herein should be interpreted as such. Individual circumstances may vary, and compliance requirements may evolve; therefore, members are encouraged to consult with qualified professionals before making any decisions or taking other action that may be affected by tariffs, tariff classifications, and/or other regulatory changes.

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Annex 2 — Newly Added (Tariff-Free Regardless of Origin)

The following HTSUS provisions are now tariff-free irrespective of source country. Items explicitly marked as Addition are highlighted in yellow.

7106.91.10 — Silver bullion and dore

7108.11.00 — Gold, nonmonetary, powder

7108.12.10 — Gold, nonmonetary, bullion and dore Addition

7108.12.50 — Gold, nonmonetary, other unwrought forms, other Addition

7108.13.10 — Gold, nonmonetary, other semimanufactured forms, gold leaf Addition

7108.13.55 — Gold, nonmonetary, other semimanufactured forms, rectangular or near rectangular shapes, containing 99.5%+ by weight of gold and not otherwise marked or decorated than with weight, purity, or other identifying information Addition

7108.13.70 — Gold, nonmonetary, other semimanufactured forms Addition

7108.20.00 — Gold, monetary Addition

7110.11.00 — Platinum, unwrought or in powder form

7110.19.00 — Platinum, in semimanufactured forms

7110.21.00 — Palladium, unwrought or in powder form

7110.29.00 — Palladium, in semimanufactured forms

7110.31.00 — Rhodium, unwrought or in powder form

7110.39.00 — Rhodium, in semimanufactured forms

7110.41.00 — Iridium, osmium and ruthenium, unwrought or in powder form

7110.49.00 — Iridium, osmium and ruthenium, in semimanufactured forms

7112.92.01 — Platinum waste and scrap, incl. metal clad with platinum, excluding sweepings containing other precious metals, other than goods of e-waste heading 8549

7115.90.05 — Articles of precious metal, in rectangular or near rectangular shapes, containing 99.5%+ by weight of a precious metal and not otherwise marked or decorated than with weight, purity, or other identifying information Addition

7115.90.30 — Articles of precious metal or of metal clad with precious metal, other articles of gold, including metal clad with gold Addition

Annex 3 — Conditional Exemptions (Subject to Reciprocal Trade Agreements)

The product descriptions in this Annex are for informational purposes only and do not supersede the text of the HTSUS. Only items properly classified in the listed HTSUS provisions are potentially eligible to be exempted from duties imposed by Executive Order 14257, as amended. Exemptions are determined by the U.S. Secretary of Commerce and the USTR for each trading partner that has concluded an agreement on reciprocal trade, based on the scope and nature of that partner’s commitments. Questions regarding the scope of particular HTSUS provisions should be directed to U.S. Customs and Border Protection.

7110.11.00 — Platinum, unwrought or in powder form

7110.19.00 — Platinum, in semimanufactured forms

7110.21.00 — Palladium, unwrought or in powder form

7110.29.00 — Palladium, in semimanufactured forms

7110.31.00 — Rhodium, unwrought or in powder form

7110.39.00 — Rhodium, in semimanufactured forms

7110.41.00 — Iridium, osmium and ruthenium, unwrought or in powder form

7110.49.00 — Iridium, osmium and ruthenium, in semimanufactured forms

7112.92.01 — Platinum waste and scrap, including metal clad with platinum, excluding sweepings containing other precious metals, other than goods of heading 8549

7118.90.00 — Coins, nesoi

U.S. Free Trade Agreement Partners (20)

Australia, Bahrain, Canada, Chile, Colombia, Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras, Israel, Jordan, Korea, Mexico, Morocco, Nicaragua, Oman, Panama, Peru, Singapore.

Note: Exemptions under Annex 3 may vary by partner due to ongoing trade negotiations or disputes.

This communication is for informational purposes only and does not constitute legal or customs advice. For classification and scope inquiries, contact U.S. Customs and Border Protection. Always consult your trade counsel and customs broker before acting on tariff matters.