Switzerland is pressing ahead with negotiations to reduce steep new US import duties that threaten to halt its multi-billion-dollar gold exports, the government confirmed Friday. The talks, led in Washington by Helene Budliger Artieda, head of the State Secretariat for Economic Affairs (SECO), follow the introduction of a 39% tariff on gold bars — one of the highest duties imposed under former President Donald Trump’s trade policy overhaul.
A last-minute visit by Swiss President Karin Keller-Sutter earlier this week failed to secure relief. SECO said discussions remain “focused on reducing the additional US tariffs” but declined to provide details. Technical-level negotiations are expected to resume next week.
The Swiss precious metals industry warned the levy could effectively end gold bar shipments to the US, which last year were worth 7.86 billion Swiss francs ($9.7 billion). Gold bars of 1 kg and 100 oz, previously exempt from tariffs, are now subject to the new duty. “With a tariff of 39%, exports of gold bars will definitely be stopped to the US,” said Christoph Wild, president of the Swiss Association of Manufacturers and Traders in Precious Metals.
Switzerland, home to five major refineries, processes around 70% of the world’s annual gold supply, resizing bullion for global markets, including the US. Economist Hans Gersbach of ETH Zurich’s KOF Economic Institute estimates 7,500 to 15,000 Swiss jobs could be lost if the tariffs remain, with further losses possible if other sectors — such as pharmaceuticals — are targeted.
The tariffs also hit other Swiss exports, including watches, machinery, and precision instruments, prompting some companies to consider shifting production to Europe or the UK to benefit from lower US-bound duties.
Business association economiesuisse said firms were urgently seeking solutions, though the measures had caused confusion and frustration. “We still have difficulties understanding this friendly fire,” said board member Jan Atteslander. “Our companies are always under heavy pressure, so the only way to survive is to innovate.”
