Quick overview

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Switzerland’s trade association for gold refiners opposes relocating some of its operations to the US to assist with tariff negotiations and reduce the trade imbalance between the two countries. The government is exploring ways to persuade President Donald Trump to cut his tariff on Switzerland by 39 percent, which is hurting businesses and the economy.

 

There have been suggestions that moving gold refining facilities to the US could be one way to please Trump.

“The government should not make hasty decisions,” said Christoph Wild, president of the Swiss Association of Precious Metals Producers and Traders, in an interview with NZZ. Wild notes that Switzerland’s large gold export surpluses at the end of 2024 and the start of 2025 were unusual.

Traders were primarily responsible for those figures by transporting metals to the U.S. to avoid potential tariffs. Switzerland is a major gold refiner, which influences the trade balance.

The 400-ounce gold bars commonly used in London, the world’s largest gold trading hub, need to be recast into 100-ounce or 1-kilogram bars that the US-based Comex exchange requires when gold is moved from Europe to the US.