The first casualty of a hefty 39-percent tariff on Swiss imports into the United States may be gold refining, after it emerged that certain gold bars could face the levy.

The price of gold on the US futures market hit a record high Friday after US customs authorities clarified that gold bars weighing either one kilogram or 100 ounces (2.8 kilograms) should be classified as subject to so-called reciprocal tariffs.

The July 31 letter was first reported late Thursday by the Financial Times.

But a White House official told AFP that President Donald Trump's administration plans to "issue an executive order in the near future clarifying misinformation about the tariffing of gold bars and other specialty products".

It was not immediately clear if this meant the products would therefore be exe

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