Gold exports from Switzerland to the US plunge amid tariff panic

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Due to a ruling on the temporary imposition of gold tariffs, Switzerland, Europe's main gold refining center, saw its gold exports to the United States plummet sharply in August.

At the beginning of August, a U.S. agency made it clear that the most commonly traded 1-kilogram and 100-ounce gold bars in the U.S. would be subject to reciprocal tariffs, causing a stir in the gold and silver markets.

This move quickly triggered market panic. According to data from Swiss Customs, Switzerland's gold exports to the U.S. in August plummeted from more than 30 tons the previous month to just 0.3 tons, a drop of over 99%.

Although the White House quickly responded by saying it would "clarify misinformation," and President Trump posted on social media saying "gold will not be subject to tariffs," the exemption for gold bars and ingots was not officially confirmed until early September, at which point gold trade resumed.

Tariff Turmoil Disrupts Market; Switzerland's Exports to US Fall Across the Board in August

According to CCTV News, on August 7 local time, the U.S. policy of imposing a 39% tariff on Swiss products officially came into effect. On the same day, the Swiss Federal Council held a press conference stating that Switzerland will remain firmly committed to consultations with the U.S. in order to reduce tariffs as soon as possible.

In the first quarter of this year, over two-thirds of Switzerland's trade surplus with the U.S. came from more than $36 billion worth of gold exports. As previously mentioned by JIANWEN, to resolve trade disputes with the U.S., Switzerland is proposing a comprehensive plan covering multiple areas, with key measures including a recommendation for its gold industry to establish a refinery in the U.S. in order to directly address the trade imbalance straining relations between the two countries.

Customs data show that Switzerland's seasonally adjusted total exports to the U.S. in August fell by 22% compared to July.

Meanwhile, Switzerland's total gold exports in August fell by 19% month-on-month, to below 105 tons. Data show that Swiss gold exports to China more than doubled, reaching 35 tons.

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