- Switzerland has proposed investing in the US gold refining industry as part of trade talks to ease new US tariffs.
- The Trump administration imposed a 39% tariff on Swiss imports.
Switzerland proposed investments in the US gold refining industry today as part of ongoing trade talks aimed at reducing tariffs. The proposal follows the Trump administration’s 39% tariff on Swiss imports.
Under the plan, Swiss refiners would transfer their lowest-margin activities to the US, such as melting down large gold bars traded in London and recasting them into the smaller 1-kilogram bars favored in New York.
Officials believe the move could ease tensions by addressing US concerns over trade imbalances while also reducing distortions in the bullion market.
Swiss government representatives described the offer as part of a broader package of concessions spanning energy, agriculture, and financial services. However, industry executives warned that the economics of shifting refining to the US remain challenging.
Negotiations with the US Treasury and Trade Representative are ongoing, with Bern pushing for a swift reduction of the tariffs.