Switzerland Proposes US Gold Production to Circumvent Tariffs
Switzerland is proposing a novel solution to circumvent US tariffs on its gold exports. The Swiss government is suggesting the production of 1 kilogram gold bullion bars in the US to secure a tariff break. This proposal is part of a broader package of concessions that also covers energy, agriculture, and financial services. The Swiss economic ministry has warned that these tariffs could hinder the country's economic growth.
The Swiss delegation has presented this offer to the US Treasury Secretary and Trade Representative, but the Trump Administration has not yet responded. The Swiss refiners are considering investing in US operations in the mid to long term, although this might require subsidies from either the Swiss or US government. However, there is no specific information available on Swiss government decisions to encourage this investment.
The US imposed a 39 percent tariff on Swiss imports, including gold, on August 7, 2025, to address a trade deficit estimated at US$48 billion. This tariff has led to a halt in imports of Swiss gold bars and a surge in gold prices. In response, Switzerland's government is offering to encourage its gold refiners to invest in the US gold refining industry to lower these tariff rates.
The Swiss proposal to produce gold bullion bars in the US is currently under negotiation. If accepted, it could potentially ease the burden of tariffs on Swiss gold exports and stimulate investment in the US gold refining industry. However, the final outcome remains uncertain pending the Trump Administration's response.
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