Switzerland says that tariff conversations with us continue, the gold industry worried about the Lingo trade

Switzerland continues the discussions with the United States on the reduction of potentially paralyzing import tariffs, his government said on Friday, since the country's gold industry warned that golden bars exports to the United States could be severely affected by a 39%tariff.

The tariff conversations in Washington are being led by Helene Budliger Arrieda, head of the Secretary of State for Economic Affairs (DRY), and come after the collection of imports among the highest of anyone applied under the world commercial restart of President Donald Trump, entered into force on Thursday. A last last minute Swiss trip led by President Karin Keller-Sutter failed to produce better treatment.

“The discussions with the United States are ongoing,” said Reuters dry in a statement on Friday. “Discussions have constantly focused on reducing additional rates of the United States.”

Dry said he would not give more details about conversations, which could include more concessions that Switzerland can offer the United States in exchange for lower tariffs. No discussions were scheduled for Friday, although they must continue next week at the technical level, said a Swiss source, without giving more details.

The Swiss Precious Metal Association said Friday that it was concerned about an increase in gold exports rates to the US. UU. 39%. The 1 kg and 100 oz gold bars were previously exempt from US tariffs, but now specific tariffs of the country can be applied.

Switzerland is the world's largest gold refining center, with up to 70% gold produced annually throughout the world melted and processed in the five refineries in the country. The country imports gold bars and changes them size for the US market. Switzerland exported gold bars worth 7,86 billion Swiss francs ($ 9.7 billion) to the USA last year, according to customs data.

“We are particularly concerned about the implications of rates for the gold industry and the physical exchange of gold with the United States, a historical and historical partner of Switzerland,” said Christoph Wild, president of the Swiss Association of manufacturers and merchants in precious metals. “With a 39%tariff, gold bars exports will definitely stop the United States,” Wild told Reuters.

Economist Hans Gersbach, from Kof Economic Institute in ETH, a university in Zurich, estimated that from 7,500 to 15,000 jobs could be lost in Switzerland as a result of US tariffs.

“The effect will be severe in some industries such as watches, machinery and precision instruments,” Gersbach said. “If the pharmacy was also attacked, the figure would be higher,” he added, although no figure has yet been calculated.

The Swiss giant pharmaceutical products sector, which includes Roche and Novartis, formed half of the Swiss exports to the US last year, and has not been included in US tariffs. The Economiesuisse Business Association celebrated a seminar earlier this week to help companies navigate tariff agitation. The companies were very worried, but they focused on trying to find solutions, said the member of the Board of Economiesuise, Jan Atteteslander.

“We still have difficulty understanding this friendly fire, but we are working on ways of dealing,” said Atteteslander. American importers would increase their prices of Swiss products to treat the tariff impact, said Atteteslander, which could lead to lower sales, while gain margins would also be reduced.

Companies talked to their American customers and examined the change of their production from Switzerland to Europe or Britain, which have lower tariffs on products destined for the United States. The crisis is the last shock to hit the Swiss companies, which have long fought in a Swiss Franco appreciator, which makes their products more expensive abroad, said Atteteslander.

“Our companies are always under strong pressure, so the only way to survive is to innovate,” he said.