Swiss Gold Refiners Eye U.S. Expansion Amid New Trade Deal

Swiss gold refiners plan to enter the U.S. market after a tariff agreement was reached, reducing U.S. tariffs on Swiss goods. Switzerland exported $66.83 billion in gold to the U.S. in 2024, contributing significantly to its trade surplus. Swiss businesses pledge to invest $200 billion in the U.S. by 2028.

Swiss gold refiners have expressed plans to enter the United States market following a new tariff agreement. This agreement, announced by a senior Swiss economic affairs official, will see the U.S. reducing tariffs on Swiss goods from 39% to 15%.

In 2024, Switzerland exported nearly 53 billion Swiss francs ($66.83 billion) in gold to the U.S., contributing significantly to Switzerland's trade surplus with the U.S. Despite this contribution, the profit margin from gold for Swiss refiners is fairly negligible, with margins being 1% or less, according to Helene Budliger Artieda, director of the SECO.

The new trade framework also includes a commitment from Swiss enterprises to invest $200 billion into the U.S. market by 2028. This development underscores the importance of gold in U.S. markets, with the metal continuing to be exempt from U.S. tariffs.

(With inputs from agencies.)