The United States has imposed tariffs on Swiss gold imports, a move that could significantly disrupt the global bullion market.
US Tariffs Hit Swiss Gold Bar Exports Worth $61.5 Billion
The Customs Border Protection agency’s July 31 ruling places one-kilo and 100-ounce gold bars under a customs code that carries levies, reported the Financial Times. This decision contradicts the industry’s prior expectations that these gold bars would be classified under a different code that is exempt from tariffs.
One-kilo gold bars, which are the most commonly traded form on Comex, the world’s largest gold futures market, constitute a significant part of Switzerland’s bullion exports to the U.S. Christoph Wild, president of the Swiss Association of Manufacturers and Traders of Precious Metals, said the new tariff ruling has delivered “another blow” to Switzerland’s gold trade with the U.S.
Switzerland, the world’s largest refining hub, exported $61.5 billion worth of gold to the U.S. in the year ending June 2025. This amount would now face an additional $24 billion in tariffs under Switzerland’s 39% tariff rate, which took effect Thursday.
The new tariff ruling has caused uncertainty among Swiss gold refineries, with some temporarily reducing or halting shipments to the U.S.
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Swiss Economy At Risk Amid High Trump Tariffs
The U.S.’s decision to impose tariffs on Swiss gold imports comes on the heels of a contentious phone call between Swiss President Karin Keller-Sutter and President Donald Trump. The U.S.’s new tariff rates of 39%, have put immense pressure on the Swiss government.
Switzerland’s failure to secure a trade deal could result in a significant impact on its GDP, as the country faces some of the highest tariff rates on its exports to the US. The recent decision to impose tariffs on Swiss gold imports further complicates the situation, potentially leading to a significant disruption in the global bullion market.
Tariffs May Push Gold Buyers Toward Smaller Bars, Coins
Noted economist Peter Schiff stated with tariffs hitting 100-ounce and kilo bars, demand is expected to shift toward smaller bars and coins, likely driving their premiums higher as investors seek to sidestep the tariffs. He also expects Trump to extend the tariffs to cover smaller bars, so it’s wiser to purchase them now before you risk paying extra.
On a year-to-date basis, Invesco DB Precious Metals Fund DBP and SPDR Gold Trust ETF GLD surged 28.28% and 27.59%, respectively.
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