Published by Global Banking & Finance Review®
Posted on August 8, 2025
4 min readLast updated: January 22, 2026
Switzerland is negotiating with the US to reduce tariffs impacting the gold industry. A 39% levy could halt gold exports, risking jobs.
By John Revill
ZURICH (Reuters) -Switzerland is continuing discussions with the United States about reducing potentially crippling import duties, its government said on Friday, as the country's gold industry warned exports of gold bars to the U.S. could be severely impacted by a 39% tariff.
The tariff talks in Washington are being led by Helene Budliger Artieda, head of the State Secretariat for Economic Affairs (SECO), and come after the import levy - among the highest of any applied under President Donald Trump's global trade reset - took effect on Thursday.
A last-ditch Swiss trip led by President Karin Keller-Sutter failed to produce a better deal.
"Discussions with the United States are ongoing," SECO said in a statement to Reuters on Friday. "The discussions have consistently focused on reducing the additional U.S. tariffs."
SECO said it would give no further details on the talks, which could include further concessions Switzerland may offer the U.S. in return for lower tariffs.
No discussions were scheduled for Friday, although they are due to continue next week on a technical level, a Swiss source said, without giving further details.
The Swiss precious metals association on Friday said it was concerned about an increase in tariffs on gold exports to the United States to 39%.
Gold bars of 1 kg and 100 oz were previously exempt from U.S. tariffs, but country-specific tariffs may now apply.
Switzerland is the world's largest gold refining centre, with up to 70% of gold produced annually worldwide melted down and processed at the five refineries in the country.
The country imports gold bars and resizes them for the U.S. market. Switzerland exported gold bars worth 7.86 billion Swiss francs ($9.7 billion) to the U.S. last year, according to customs data.
"We are particularly concerned about the implications of the tariffs for the gold industry and the physical exchange of gold with the U.S., a long-standing and historical partner for Switzerland," said Christoph Wild, president of the Swiss Association of Manufacturers and Traders in Precious Metals.
"With a tariff of 39%, exports of gold bars will definitely be stopped to the U.S.," Wild told Reuters.
Economist Hans Gersbach, from the KOF Economic Institute at ETH, a university in Zurich, estimated that 7,500 to 15,000 jobs could be lost in Switzerland as a result of the U.S. tariffs.
"The effect will be severe in some industries like watches, machinery and precision instruments," Gersbach said.
"If pharma was also targeted, the figure would be higher," he added, although no figure has yet been calculated.
Switzerland's giant pharmaceuticals sector, which includes Roche and Novartis, made up half of Swiss exports to the U.S. last year, and has not been included in the U.S. tariffs.
Business association economiesuisse held a seminar earlier this week to help companies navigate the tariff turmoil.
Companies were very concerned, but were focused on trying to find solutions, said economiesuisse board member Jan Atteslander.
"We still have difficulties understanding this friendly fire, but we are working on ways to cope with it," Atteslander said.
U.S. importers would increase their prices for Swiss products to deal with the tariff impact, Atteslander said, which could lead to lower sales, while profit margins would also be cut.
Companies were speaking with their U.S. customers as well as examining shifting their production from Switzerland to Europe or Britain, which have lower tariffs on U.S.-bound products.
The crisis is the latest shock to hit Swiss companies, which have long battled an appreciating Swiss franc, which makes its products more expensive abroad, said Atteslander.
"Our companies are always under heavy pressure, so the only way to survive is to innovate," he said.
($1 = 0.8071 Swiss francs)
(Reporting by John Revill; Editing by Alex Richardson and Toby Chopra)
The gold market refers to the global trading of gold as a commodity, where it is bought and sold for investment, jewelry, and industrial uses.
Economic growth is the increase in the production of goods and services in an economy over a period of time, typically measured by GDP.
Business investment refers to the purchase of goods and services by businesses to improve their production capacity or efficiency.
A business association is an organization that represents the interests of businesses in a specific industry or sector, providing support and advocacy.
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