Swiss Gold in Tariff Turmoil: Negotiations with the U.S.

Switzerland is in talks with the U.S. to lower a 39% tariff on gold exports, a move threatening its gold industry. The Swiss government continues discussions to mitigate the impact. Job losses are feared, while companies consider relocating production to European countries with lower tariffs.

Switzerland is actively negotiating with the United States to alleviate potential economic harm caused by a newly imposed 39% tariff on Swiss gold exports, its government confirmed on Friday. The talks are crucial as the levy threatens Switzerland's venerable gold industry, a historically significant partner to the U.S.

While no discussions were set for Friday, further technical talks are scheduled for the coming week. Switzerland's government is tight-lipped on any details of concessions it may offer. The world's largest gold-refining hub now faces the prospect of halted gold bar exports to the U.S., potentially affecting thousands of jobs.

Industry leaders, including the Swiss precious metals association, express grave concerns. Economiesuisse, a prominent business association, reported companies are exploring the possibility of shifting production to Europe or Britain. The situation is compounded by challenges such as the appreciating Swiss franc, increasing pressure to innovate.

(With inputs from agencies.)