The White House has published an update to the reciprocal tariff schedule, which is a welcome development following the challenges caused by the recent CBP ruling on gold bars.
The following gold HTSUS codes have now been added to Annex I:
- 7108.11.00
- 7108.12.50
- 7108.13.10
- 7108.13.55
- 7108.13.70
- 7108.20.00
For exports from an “aligned partner” country, the reciprocal tariff rate for these codes is now 0%, effective for entries made after 8 September 2025.
This is a significant and positive step for the industry, and LBMA will continue to monitor developments and provide further updates as needed. LBMA continues to work with Members, market infrastructure providers and authorities in the UK, Europe and U.S. to clarify U.S. reciprocal tariffs on silver.
UK REACH Update – Kilobars Classification
Following LBMA's recent engagement with the UK Health and Safety Executive (HSE), LBMA has received helpful clarification regarding the classification of kilobars under UK REACH.
If kilobars are imported as investment products, HSE noted that there is “merit” in classifying them as articles, which would exempt them from registration requirements under UK REACH. However, if kilobars are shaped purely for convenience and supplied for manufacturing purposes (e.g. jewellery making), then the chemical composition becomes the determining factor, and they would likely be considered substances.
Next Steps:
LBMA will work with the Regulatory Affairs Committee (RAC) to:
- Review existing position paper
- Develop clear guidance for Members
- Update the relevant content on the LBMA website
Further updates will be shared in due course. Members with questions or who wish to contribute to this work are encouraged to contact Emmy.Richardson@lbma.org.uk