Swiss gold refining sector chopped by US rates

The first victim of a strong 39% tariff on Swiss imports in the United States can be the refining gold, after certain gold bars could face the tax.

The price of gold in the US futures market. It reached a Friday record after US customs authorities clarified that the gold bars that weigh a kilogram or 100 ounces (2.8 kilograms) must be classified as subject to the so -called reciprocal rates.

The July 31 letter was first reported on Thursday night by the Financial Times.

But a White House official told AFP that the administration of President Donald Trump plans to “issue an executive order in the near future clarifying the wrong information about the rate of the gold bars and other specialized products.”

It was not clear immediately if this meant that the products would be exempt from Trump's “reciprocal” taxes, imposed to address what Washington considers that unfair commercial deficits.

The golden bars of a kilo are the most negotiated type of bullion in Comex, the world's largest futures market, and Switzerland is an important provider of bars in the physical market.

The expectations had spread that the gold bars would be classified under a different customs code that excludes them from tariffs throughout the Trump country. The highest “reciprocal” rates entered into force on Thursday in dozens of economies.

Swiss officials traveled to Washington this week to seek an agreement similar to the European Union, whose products now face a rate of 15%. But they returned empty -handed. The customs update increased pressure on the Swiss government as the gold trade weighs largely in its commercial balance.

John Plassard, head of Cite Management investment strategy, expects some of gold refining businesses to probably flow to other industry centers such as Antwerp. The gold bars produced in the city of Belgian Antwerp face a 15% tariff. UU. Applied to EU assets.

Switzerland is the home of four of the world's largest gold refineries, the largest is Valcambi in Balena, in the country's Italian speech.

They import without refine from mines, recycled jewels or lower purity bars to reform into high quality bars, which makes Switzerland a center for world gold.

These bars are reintroduced to the jewelry, watchmaking market, industry and technological products, as well as for the banking sector and for use as reserves of central banks.

According to a report from the Swiss federal customs administration, the country imported 2,372 tons of gold in 2023 and re -exported 1,564 tons.

The value of these exports approached 88 billion Swiss francs ($ 109 billion at current rates), and the main buyers were China in 25.1 billion francs and India to 13.1 billion francs.

Including other precious metals such as Silver and Palladium, the sector represents 1,500 direct jobs in the country and 1,000 indirect jobs, according to the Swiss Association of Manufacturers and merchants of precious metals.

In 2023, Switzerland represented 34% of total refined gold worldwide, according to the State Secretariat for Economic Affairs (DRY).

Swiss gold exports to the United States rose to 11 billion Swiss francs last year, almost doubled from 6.1 billion in 2023. Then they shot in the first half of 2025, reaching 39.2 billion francs, compared to almost 1.7 billion in the first half of 2024, according to Swiss data customs provided to AFP.

Almost all of the gold, 37.6 billion francs, were exported in the first quarter of 2025. Shipments collapsed abruptly to approximately 1.6 billion francs in the second quarter.

Swiss President Karin Keller-Sutter on Thursday did not agree with the way Trump evaluated the United States trade deficit with Switzerland and, therefore, high rate was imposed. She said that the increase in gold exports in 2024 had led to the increase in deficit.

The Swiss newspaper Le Temps said Tuesday that to calculate customs tasks in Switzerland “the White House seems to have depended exclusively on the data of 2024,” which was “an atypical year.”

Swiss gold exports to the United States fired in November, when Trump won the presidential elections, which caused an increase in “safe refuge” investments such as gold, he said.