WASHINGTON D.C. – The United States is preparing to impose tariffs on gold imported from Switzerland, a move announced today that could disrupt global gold markets. The tariffs will specifically target 1-kilogram gold bars, according to a statement released by the U.S. Trade Representative’s office.
The decision follows a request from domestic gold producers, who allege unfair trade practices and seek protection from foreign competition. While the exact tariff percentage hasn’t been publicly disclosed, sources indicate it will be substantial enough to impact the price differential between Swiss and U.S.-produced gold.
Switzerland is a major hub for gold refining and trade, processing a significant portion of the world’s gold supply. Much of this gold originates from mines in South Africa, Australia, and other countries, and is then refined in Swiss facilities before being exported globally. The Canton of Ticino, in particular, is home to several large gold refineries, including Valcambi and Argor-Heraeus.
The U.S. imported approximately $8.7 billion worth of gold from Switzerland in 2023, according to data from the U.S. Census Bureau. JPMorgan Chase, a major player in the global gold market, is among the companies that frequently trade in these 1-kilogram bars.
It remains unclear whether the tariffs will extend to other gold bar sizes, such as the 400-ounce bars commonly traded in London, the world’s largest wholesale gold trading center. The London bullion Market Association (LBMA) has not yet issued a statement regarding the potential impact of the tariffs on London trading volumes. The LBMA sets standards for gold and silver bars traded in London, ensuring quality and authenticity.
Gold is often viewed as a safe-haven asset during times of economic uncertainty, and its price is influenced by factors such as inflation, interest rates, and geopolitical events.the imposition of tariffs could lead to increased gold prices in the U.S., potentially benefiting domestic producers but also impacting consumers and industries that rely on gold.