Why Swiss Gold Industry Rejected U.S. Relocation Proposal?
Gold | 2025-09-02 11:40:46
The Trump administration had earlier announced its decision to impose tariffs on one-kilo and 100-ounce gold bars.
By Paul Ploumis
SEATTLE (Scrap Monster): A plan to move some of the refinery activities to the United States was rejected by the trade association that represents Switzerland's gold refiners. In addition to helping the two nations advance their bilateral tariff negotiations, the action was suggested as a way to reduce the trade deficit between them.
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The Trump administration has previously declared that it will levy tariffs on gold bars weighing one kilogramme and one hundred ounces. According to a US Customs and Border Protection (CBP) determination from the end of July, these gold bars fall under a tariff-sensitive classification code. It is feared that the new judgement would impact gold flows from Switzerland to the United States.
The 400-troy-ounce gold bars used in the London market are often shipped to Switzerland, where they are remelted into smaller 100-ounce bars before being shipped to the United States.
Christoph Wild, president of the Swiss Association of Precious Metals Producers and Traders, commented on the U.S. tariff decision, saying it is another setback for the nation's gold trade with the United States. He advised the administration against making any snap decisions about moving refining facilities to the United States. "It will be of limited use to develop additional refining capacity in the U.S.," he said.
