Source: Cailian
Financial Union News Agency, August 31 (Editor, Xia Junxiong)According to reports, trade groups in the Swiss gold refining industry are opposed to moving some of their operations to the United States.
US President Donald Trump previously announced a tariff of up to 39% on Switzerland, which is not only higher than most other countries, but also higher than the 31% tariff Trump announced on Switzerland in early April this year.
The United States is Switzerland's largest export market, and 19% of Swiss exports are sold to the United States. High tariffs of nearly 40% will undoubtedly cause damage to businesses and the economy. Due to concerns about tariff impact, UBS Group AG lowered its economic outlook for Switzerland in 2026, and its GDP growth forecast was lowered from the original 1.2% to 0.9%.
The Swiss government is looking for ways to urge Trump to lower U.S. tariffs on Switzerland. Some suggest that transferring gold refining capacity to the U.S. could be an option to reassure Trump.
The main reason why Trump imposed high tariffs on Switzerland is that Switzerland is one of the countries with the largest trade surplus in goods with the United States. In the first half of this year alone, the U.S. trade deficit with Switzerland reached nearly US$48 billion, of which gold trade accounted for the vast majority.
Gold has a significant impact on the trade balance in Switzerland, the world's leading gold refiner. Gold shipped from Europe to the US must be re-minted because the London market uses the 400oz gold bar standard, while the Comex exchange in the US uses 1kg or 100oz gold bars.
However, Christoph Wild, chairman of the Swiss Association for the Production and Trade of Precious Metals, said the Swiss government should not rush to make a decision.
Wild pointed out that Switzerland's large gold export surplus at the end of 2024 and early 2025 was an abnormal situation, mainly because traders shipped the metal to the United States in order to beat potential tariffs.
"We believe the impact of new refining capacity in the United States will be very limited," Wild said.
The U.S. Customs and Border Protection Agency previously said in a document that gold from Switzerland was also subject to the so-called reciprocal tariffs imposed by the Trump administration, which means that Swiss gold could face tariffs of up to 39 percent, though the White House has made it clear that gold will not be charged.