Published by Global Banking & Finance Review®
Posted on November 14, 2025
2 min readLast updated: January 21, 2026
Add as preferred source on Google
Swiss gold refiners plan to expand into the US following a tariff agreement, boosting trade and investment. The US will reduce tariffs on Swiss goods, enhancing economic ties.
BERLIN (Reuters) -Swiss gold refiners are interested in setting up shop in the United States in the future, said a senior Swiss economic affairs official on Friday at a press conference after a tariff agreement was reached with Washington.
Switzerland exported nearly 53 billion Swiss francs' ($66.83 billion) worth of gold to the United States in 2024, a major contributor towards the European country's overall trade surplus of 39 billion francs with the U.S.
However, gold is not very profitable for Switzerland, with a "very, very small" margin of perhaps 1% or less, said Helene Budliger Artieda, director of the State Secretariat for Economic Affairs (SECO).
"But I believe it's important for them. For the U.S., it's crucial to strengthen its gold market," Budliger added.
The precious metal, which is imported to Switzerland from elsewhere and then resized for the U.S. market, remains exempt from U.S. tariffs.
The United States will reduce its tariffs on goods from Switzerland to 15% from a crippling 39% under a new framework trade agreement that includes a pledge by Swiss companies to invest $200 billion into the U.S. by the end of 2028, the Swiss government said on Friday.
($1 = 0.7931 Swiss francs)
(Reporting by Miranda Murray, Editing by John Revill)
Gold refining is the process of removing impurities from gold ore to produce pure gold. This process is essential for creating gold that meets industry standards for purity.
A trade surplus occurs when a country exports more goods and services than it imports, resulting in a positive balance of trade.
Gold is considered a valuable asset and a safe-haven investment. It plays a crucial role in financial markets and can influence economic stability.
Economic affairs officials are responsible for formulating and implementing policies that promote economic growth and stability within a country.
Explore more articles in the Headlines category
