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.