Published by Global Banking & Finance Review®
Posted on August 14, 2025
2 min readLast updated: January 22, 2026
Add as preferred source on GoogleThe Swiss gold industry opposes Swatch CEO's proposal for a US gold export tax, fearing economic harm and advocating for free trade.
ZURICH (Reuters) -Switzerland's gold industry on Thursday voiced scepticism about a proposal by the boss of watchmaker Swatch to introduce a levy on gold exports to the United States in retaliation for U.S. tariffs on Switzerland.
U.S. President Donald Trump last week imposed tariffs of 39% on imported Swiss goods, causing shock and dismay in the Alpine republic, a major refining and transit hub for gold.
The U.S. Customs and Border Protection afterwards said Washington might put tariffs on the most widely-traded gold bullion bars in the United States. However, Trump said on Monday that gold would not face tariffs.
Swatch CEO Nick Hayek told Swiss newspaper Blick that Trump's announcement indicated that tariffs on gold would be painful for the U.S. president.
"Now is the time to go on the offensive. Switzerland should order a 39% export tax on gold bars for the United States," Hayek told the paper. "That's where we have to get at him. That's his Achilles' heel."
The Swiss Association of Manufacturers and Traders in Precious Metals (ASFCMP) said that while ideas to better balance bilateral trade were welcome, careful consideration needed to be given to Switzerland's longer-term interests.
"An export tax on Swiss gold destined for the USA would not only harm Switzerland economically, but also damage the reputation of a country that has consistently promoted and defended free trade," ASFCMP President Christoph Wild said.
The Swiss Economy Ministry declined to comment on the proposal, but said the support of business representatives was in general welcome and helped underscore the close economic ties between the U.S. and Switzerland.
Trump justified his 39% tariff by pointing to Switzerland's sizeable trade surplus with the United States. Part of that is due to gold exports.
Hayek said that even if a gold levy failed to move Trump, it would cut the U.S. trade deficit with Switzerland.
"If Trump doesn't give in to our pressure, we'll at least improve the trade balance with the U.S. if the Americans no longer import gold bars via Switzerland," he told Blick.
Switzerland is continuing to hold talks with U.S. officials aimed at lowering the U.S. tariffs.
(Writing by Dave GrahamEditing by Mark Potter)
Swatch CEO Nick Hayek proposed that Switzerland should impose a 39% export tax on gold bars destined for the United States.
The Swiss Association of Manufacturers and Traders in Precious Metals expressed skepticism, stating that an export tax would harm Switzerland's economy and reputation for free trade.
The discussion was triggered by U.S. President Donald Trump's imposition of a 39% tariff on imported Swiss goods, which included gold exports.
Hayek suggested that even if the gold levy did not pressure Trump, it could still improve the trade balance by reducing U.S. imports of gold bars via Switzerland.
The Swiss Economy Ministry declined to comment on the proposal but acknowledged that support from business representatives is generally welcome.
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