The White House update to its tariff schedule is a "welcome development" after challenges caused by a recent U.S. Customs ruling on gold bars, the London Bullion Market Association said on Wednesday.

The executive order, issued on September 5 by President Donald Trump, updates the tariff schedule for certain goods, including key gold products. The White House referred to them as reciprocal tariffs.

Under the update, gold bars imported from "aligned partner" countries under certain codes of the Harmonized Tariff Schedule of the United States - including 7108.11.00, 7108.12.50, 7108.13.10, 7108.13.55, 7108.13.70, and 7108.20.00 - will face a 0% tariff on entries made after September 8, 2025.

The LBMA said the move was a "significant and positive step for the industry" following uncertainty caused by a recent U.S. Customs and Border Protection ruling.

Earlier in August, the CBP website suggested that widely traded gold bullion bars could be subject to country-specific tariffs, prompting some traders to pause shipments to the U.S. while awaiting clarification.

But days later, on August 11, President Trump sought to calm the market, posting on his social media account that "Gold will not be Tariffed!", though he offered no further details.

"LBMA will continue to monitor developments and provide further updates as needed," the association said, noting ongoing discussions with members, market infrastructure providers and authorities in the U.S., Europe and the UK on tariffs for silver.

In addition to the U.S. tariff update, the LBMA has clarified the classification of kilobars under the UK's REACH chemical regulation.

According to the LBMA, the UK Health and Safety Executive indicated that kilobars imported as investment products could be classified as "articles," exempting them from registration.

However, kilobars supplied for manufacturing purposes, such as jewellery making, may still be considered chemical substances, LBMA added.

Source: Investing.com