Customs duties: blow for Swiss gold: Washington imposes taxes

Switzerland shines in many areas: chocolate, banks, watches and gold. But faced with Donald Trump’s trade policy, this influence comes up against a wall. After imposing 39% customs duties on a large part of Swiss exports, the United States has just struck another key sector: gold.

According to the “Financial Times”, the American authorities now apply these taxes to certain gold ingots imported from Switzerland. The bars of one kilogram and those of 100 ounces (around 3.1 kg) are concerned. The newspaper relies on an official decision by the American customs and border protection agency, dated July 31.

This measure directly aims at the heart of the Swiss gold market. Confederation is indeed a global player in the central trading and refining of gold. From July 2024 to June 2025, no less than $ 61.5 billion in gold has been exported to the United States. If these new 39% taxes apply retroactively, this would represent more than $ 24 billion in customs duties.

Christoph Wild, president of the Swiss association of manufacturers and traders of precious metals, does not hide his concern: “It is an additional blow to the gold trade with the United States. These rights strongly complicate the satisfaction of the American demand. ”

These decisions are part of a broader strategy of the American president, which advocates hard protectionism and intends to repatriate certain production chains on American soil. For Switzerland, however traditionally neutral and reliable trading partner, this policy becomes more and more expensive.