(Bloomberg) -- The Trump administration suggested it would issue a new policy clarifying that imports of gold bars should not face tariffs, after the US government stunned traders by ruling that they would be subject to duties.

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The White House intends to post an executive order in the near future to clarify what an official called misinformation about the tariffing of gold and other specialty products. The official detailed the plans Friday on condition of anonymity.

Spot gold and futures prices on New York’s Comex fell after the White House statement.

Industry figures had previously understood that bars would be exempt from President Donald Trump’s so-called reciprocal tariffs, including a 39% on goods from Switzerland, a major exporter of the precious metal. But when a Swiss gold refiner asked about it, US Customs and Border Protection ruled that one-kilogram and 100-ounce gold bars are subject to the levies, according to an agency letter.

Earlier: US Upends Global Gold Market With Surprise Import Tariff

The order could calm a market that was rocked by the prospect of a tariff on gold imports.

Such a decision would have had sweeping implications for bullion around the world, and could have disrupted the functioning of the US futures contract.

Gold has a unique role as a financial asset and global currency, making it different than copper, steel and aluminum — other metals that have been hit by Trump’s tariffs. Shipments were freezing up in response to the decision that gold imports would face US duties, traders said earlier Friday.

--With assistance from Doug Alexander.

(Updates with markets, additional context, starting in third paragraph.)

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