Switzerland is definitely not saved from American customs tasks that reach several important sections of their economy. After watchmaking, cheese, industrial machines, medical devices or chocolate, gold is also worried, reports Financial Times.
According to the British Daily newspaper, which consulted a letter from the Customs and Border Protection Agency (border customs protection), golden bears of one kilo and 100 ounces (a little more than three kilos) are also subject to customs surcharges decided by Donald Trump and infundal entries on Thursday.
Therefore, the bad news for Switzerland, the world leader in gold refinement with four of the seven largest refineries in the world. Enough to allow the country to refine approximately two thirds of the planet’s gold. Above all, a kilo gold bars represent most of its exports from ingots to the United States.
However, Donald Trump’s choice had smiled at the industry from Swiss gold exports, a reference shelter value, to the United States had gone, going from ten tons in November 2024 to more than 195 tons in January 2025, when the Republican President was invested.
Switzerland in Trump’s viewfinder
The American decision to attack the bullion frustrates the hopes of the industry that expected gold bullion to inherit an exempt customs code of surcharge. But it is more widely a new blow to Switzerland that seems to be one of the main objectives of Donald Trump’s commercial policy.
In fact, Berne has imposed 39% of punitive customs tariffs that would affect almost 60% of Swiss goods exports to the United States (pharmaceutical products are exempt). The US president justified his gesture, which took the Swiss authorities by surprise when they thought they had a much more favorable framework agreement for the commercial surplus of several billions of dollars in Switzerland against the United States.
However, John Plassard, an investment specialist in Mirabaud & Cie, recalls in a note that “precious stones exports often distort the reading of the bilateral commercial deficit between Switzerland and the United States because they are very volatile, little linked to a national production and, often, without a real added suiz added value.”
He adds that in 2024, “these flows represented around 15 billion dollars, or almost a quarter of Swiss exports to the United States. But it is an important transit or gold reconditioning, through Switzerland for fiscal, logistics or security reasons, before being re -expressed.” A business that “artificially inflates Swiss surpluses in US statistics.”
The Swiss authorities are still being able to obtain a weaker surcharge
Be that as it may, the Swiss Federal Council (Government) said it was “determined to continue discussions with Washington to reduce these customs tasks as quickly as possible,” said a statement.
“We want a regulated relationship” with the United States, “but not at any cost,” said the president of the Confederation Karin Keller-Sutter, while saying that the federal government does not plan to take customs falls “for the moment”, judging them counterproductive.
In a note published on Wednesday night, Adrian Prettejohn, economic economist Economics, however, emphasizes that these customs tasks by 39% could reduce the gross domestic product of Switzerland “by 0.6% in the medium term.”
Source: BFM TV
