U.S. Announces Major Tariff Adjustments
On September 5 (Eastern Time), the White House released a statement confirming that President Donald Trump signed an executive order adjusting the scope of U.S. global import tariffs. The order exempts a range of products from the global tariff system, including gold, tungsten, uranium, and graphite, while adding silicon products to the taxable list.
The latest tariff adjustment, which took effect on September 8, impacts multiple strategic industries. In addition to metals, exemptions are extended to aircraft components, generic pharmaceuticals, and imported commodities such as coffee and specialty spices that cannot be produced domestically.
One of the most notable changes is the exemption of gold bullion. Just weeks earlier, U.S. Customs and Border Protection ruled that imported gold bars were subject to import duties, causing confusion and volatility in the trading market. Switzerland, a major exporter of gold to the U.S., had faced a tariff of up to 39% due to the absence of a trade agreement.
In total, 39 products have been granted reciprocal tariff exemptions, meaning they will no longer be subject to retaliatory duties. These include graphite, nickel, tin, thorium, molybdenum, gold, zinc, and pharmaceuticals—critical materials for aerospace, consumer electronics, medical devices, and other high-tech industries.
The affected HTSUS codes include:
2504.10.10, 2604.00.00, 2609.00.00, 2612.20.00, 2613.90.00, 2825.40.00, 2833.24.00, 2903.51.10, 2924.29.01, 2924.29.03, 2924.29.23, 2924.29.26, 2924.29.28, 2924.29.33, 2924.29.57, 2924.29.80, 2926.90.50, 2933.29.05, 2933.29.60, 4703.11.00, 4703.21.00, 4703.29.00, 7108.11.00, 7108.12.50, 7108.13.10, 7108.13.55, 7108.13.70, 7108.20.00, 7115.90.05, 7115.90.30, 7202.60.00, 7501.10.00, 7502.10.00, 7502.20.00, 7503.00.00, 7504.00.00, 7903.90.30, 8505.11.0070, 8541.41.00.
At the same time, eight product categories will be subject to retaliatory tariffs. These include certain aluminum hydroxide products, resins, and silicone-based polymers, such as epoxy resins and primary-form polysiloxanes. The affected HTSUS codes include:
2818.30.00, 3824.99.93, 3907.29.00, 3907.30.00, 3907.61.00, 3907.69.00, 3907.99.50, 3910.00.00.
Potential Refund of Up to $500 Billion in Tariffs
On September 7, U.S. Treasury Secretary Bessent told reporters that if the Supreme Court upholds a ruling declaring the government’s tariff measures unlawful, the Treasury may have to refund nearly half of all duties already collected.
Bessent warned: “At that point, we would need to refund about half of the tariffs, which would create enormous fiscal pressure. If the court rules against us, we will have no choice but to comply.”
He added that if the ruling is delayed until June 2026, total tariffs collected could reach between USD 750 billion and USD 1 trillion, making the refund process highly disruptive for both markets and government finances.
