Editor’s Note
Switzerland is proposing a novel approach to mitigate trade tensions with the United States, suggesting its gold refiners invest directly in the U.S. market. This strategy aims to address the ongoing impact of tariffs imposed during the previous U.S. administration.
Switzerland is floating a plan to ease trade tensions with Washington by encouraging its gold refiners to invest directly in the US. This move comes as the country grapples with steep Trump-era tariffs that have impacted various sectors, including the precious metals industry.
Feeling the weight of the Trump Administration’s tariff policy, the Swiss government is seeking solutions. A 39 percent tariff on Swiss imports, effective since August 7, 2025, targets many iconic industries, including gold.
Following a US Customs and Border Patrol ruling in late July that indicated tariffs would include 1 kilogram and 100 ounce gold bars, spot gold prices surged by more than 3 percent. Traders halted imports of Swiss gold bars, though an exemption for gold bullion products was issued by Trump in September.
The Swiss State Secretariat for Economic Affairs (SECO) is concerned the tariffs could weaken the country’s economic growth outlook.
Swiss officials are proposing to incentivize Swiss refiners to produce 1 kilogram gold bullion bars for the New York market on site in the US. This would change the current process where larger bars from London are shipped to Switzerland for refining before being sent to New York.
Christoph Wild, president of the Swiss Association of Precious Metals Producers and Traders, told Bloomberg this change would address current inefficiencies.
For refiners without existing US facilities, like Valcambi SA, investing in new operations from scratch might not be a sound business decision. The gold refining investment proposal is part of a larger set of concessions discussed with US officials, including areas like energy and agriculture. Negotiations are ongoing.