Swiss gold refining sector hits US tariff mine

Swiss Gold Bars Face U.S. Tariffs, Altering Global Refining

Tariff Overview

U.S. customs clarified that gold bars weighing either one kilogram (2.2 pounds) or 100 ounces (2.8 kilograms) fall under reciprocal tariffs imposed on Swiss imports. The 39‑percent levy, applied on Thursday, will impact both one‑kilogram bars—most traded on Comex—and the larger 100‑ounce bars.

Swiss Gold Market Impact

• Swiss gold bars, a major source of physical bullion, will now carry a 39‑percent duty.
• The move follows a backlash against President Trump’s sweeping “reciprocal” tariffs.
• Expectations that Swiss bars would be exempt proved unwarranted.

Refining Hub Role

Switzerland hosts four of the world’s largest gold refineries, with Valcambi in Balerna leading the pack. These facilities import raw gold—mines, recycled jewelry, lower‑purity bars—and produce high‑quality bullion for jewelry, watchmaking, industry, tech, banking, and central reserves. Swiss refining accounted for 34 percent of global gold in 2023.

Export Trends

In 2023, Switzerland imported 2,372 tonnes of gold and re‑exported 1,564 tonnes, generating exports worth 88 billion Swiss francs. China (25.1 billion) and India (13.1 billion) were the top buyers.

• Swiss gold exports to the U.S. rose from 6.1 billion francs in 2023 to 11 billion francs in 2024.
• First‑half 2025 exports spiked to 39.2 billion francs, a dramatic increase over 1.7 billion francs in the first half of 2024.
• Exports fell sharply in the second quarter of 2025, indicating a volatile market response to tariff changes.

Political Response

Swiss President Karin Keller‑Sutter criticized the U.S. assessment, arguing that the 2024 trade deficit was skewed by a surge in gold exports during the election period. The Swiss government has requested a tariff structure more aligned with the EU’s 15 percent rate, but talks have yet to produce a resolution.

This tariff shift emphasizes Switzerland’s pivotal position in global gold refining—a move that could redirect refining activity toward other hubs like Antwerp, where gold bars face only a 15 percent duty.