Some of the most widely used types of gold bars would be subject to U.S. tariffs, customs agency officials ruled, a particular blow to Switzerland’s large gold refining industry.

The past week saw market turbulence, with President Trump's new gold tariffs, Eli Lilly's dramatic stock drop, a weakening jobs report fueling recession fears, and a divided Federal Reserve debating rate cuts.

The U.S. has unexpectedly slapped tariffs on imports of some gold bars, according to the Financial Times, roiling the market for the precious metal. Why is this disruptive? The global gold market uses futures traded on metals-trading exchange Comex to hedge its positions.