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 US.
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 US, 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 US market, remains exempt from US 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 US by the end of 2028, the Swiss government said on Friday.
($1 = 0.7931 Swiss francs)
(By Miranda Murray; Editing by John Revill)
