The price of U.S. gold futures spiked Friday, a day after Switzerland was hit with 39% American tariffs on its goods, including 1-kilogram gold bullion bars.

A Trump administration ruling that gold bars will be subject to tariffs stunned traders who had assumed they would be exempted, throwing bullion markets into turmoil.

US tariffs on gold bars have caused US futures on the metal to jump higher versus the spot price set in London. The move may end up enhancing the importance of the US in the global bullion market. An unexpected levy on one-kilogram and 100-ounce gold bars coming into the US has caused upset in the precious metals market.

Looking for a textbook example of the uncertainty Trump has created with his global trade war – abetted by wars in Ukraine and Gaza – look no further than Switzerland.

Swiss leaders refrained from implementing countermeasures against sweeping US tariffs and instead want to focus on further talks to find a solution with Donald Trump’s administration.

Switzerland will continue talks with the United States, its president said on Thursday, after President Donald Trump placed crippling import tariffs on Swiss goods, which threaten to inflict serious damage on its export-focused economy.