In a significant victory for the numismatic and bullion industries, the National Coin & Bullion Association (NCBA) has announced that gold, silver, platinum, and palladium will be exempt from the 10% import tariff set to take effect on April 5, 2025, at 12:01 a.m. EDT. This relief, confirmed in a White House fact sheet titled “President Donald J. Trump Declares National Emergency to Increase Our Competitive Edge, Protect Our Sovereignty, and Strengthen Our National and Economic Security” (released on April 2, 2025), ensures that these precious metals will remain tariff-free under President Trump’s new trade policy, which was implemented through the International Emergency Economic Powers Act (IEEPA).
The 10% tariff is part of a broader strategy to address trade deficits and challenge unfair trade practices. While this tariff will apply to a wide range of imports from all countries, bullion—comprising gold, silver, platinum, and palladium in forms such as coins, bars, and ingots—has been explicitly excluded. Gold’s exemption is clear, and both the NCBA and industry experts are confident that silver, platinum, and palladium will also be safeguarded, based on common trade terminology. This sentiment is further confirmed by market reactions, with premiums for platinum and palladium already beginning to drop.
Additionally, the White House announcement outlined plans to implement higher reciprocal tariffs—ranging from 11% to 50%—targeting specific countries, beginning April 9, 2025. However, the exemption for bullion will remain intact across both tariff tiers. This decision recognizes the U.S.’s reliance on imported precious metals and acknowledges that imposing tariffs on bullion would undermine the broader objectives of the policy.
The NCBA is continuing to engage with administration officials to secure formal confirmation for silver, platinum, and palladium’s tariff-free status. However, given current market trends and industry consensus, it appears increasingly likely that all four precious metals will remain exempt from tariffs moving forward.
For more details, read the full White House fact sheet https://www.whitehouse.gov/fact-sheets/2025/04/fact-sheet-president-donald-j-trump-declares-national-emergency-to-increase-our-competitive-edge-protect-our-sovereignty-and-strengthen-our-national-and-economic-security/
