‼️ Why is Switzerland the most impacted by the new tariffs on gold imports?
🔴 The United States has recently imposed tariffs on gold imports, specifically targeting one-kilogram and 100-ounce gold bars, which are common forms for delivery in US futures markets. This policy shift was formalized in a July 31, 2025, US Customs and Border Protection ruling, reclassifying these gold bars under a customs code that is subject to tariffs—contrary to previous exemptions. ▶️The new tariff rate is as high as 39% on affected gold bar imports from certain countries, with hashtag#Switzerland—a major refining hub for London's larger 400-ounce gold bars—expected to be the most impacted. ▶️Traditionally, large gold bars (400-ounce format) are traded in hashtag#London, then shipped via Switzerland for recasting into the smaller kilo bars favored in the US, making the tariff particularly disruptive to established supply chains. ▶️The policy does not make clear whether London-origin 400-ounce bars, if sent directly, are currently subject to tariffs, but most industry analysis suggests that one-kilogram and 100-ounce bars, regardless of their original source, are now covered by the US tariff regime if imported into the United States. ⚠️ In summary, there are now substantial tariffs on gold bars (especially kilo and 100-ounce bars) imported into the US, even if they transit through London or Switzerland. The rule does not differentiate between bars exported directly from London or those refined elsewhere, as it is based on the classification of the bar itself at import
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The trade-weighted tariff on swiss exports to the us is close to 20% - not 39%.
Indeed, as discussed in this article by NZZ, medicines and most gold imports are currently exempt from Trump's tariffs. Therefore, the 39% punitive tariff is likely to affect less than half of all Swiss goods exports to the United States. On a trade-weighted basis, the tariff rate for Switzerland would thus be around 20%. The main victims would be watch manufacturers and other companies in the mechanical engineering, electrical and metal industries. Link to the article: https://lnkd.in/esu_XvFM
