Switzerlandโฃ Proposes โฃGold Refining & Increased U.S. Productionโ to Address Trade Imbalance with U.S.
GENEVA, Oct โ28 – Switzerland is โฃoffering to buildโ a gold refinery within the United States and considerably โincrease domestic โคproduction of pharmaceuticalsโ by Swiss companies as part of a plan to โฃaddress the U.S. trade deficit, according to sources familiar โwith the negotiations. The proposals wereโ presented to top Trump administration โคeconomic officials during “constructive” talks held last โคFriday between โขSwiss Economy Minister Guy Parmelin and his U.S.โข counterparts.
The initiative โฃaims to offset the impact of goldโฃ imports on the U.S. deficit. Wild, presidentโฃ of the Swissโ precious metals association ASFCMP, declined to comment on the refinery plan specifically, but stated that the industry must explore waysโ to prevent gold from contributingโ to the โdeficit.โข “This could even be by meeting U.S. demand from within the united States,” he โsaid.
Beyondโค gold, Switzerland is proposing to โขmeetโฃ all U.S. demand for pharmaceuticals with products manufactured within the U.S., perhapsโข with enough surplus capacity to allow swissโ firms to exportโข from the country. This move isโ intended to shield Swiss pharmaceutical companies from potential tariffs stemming โfrom a U.S.Section 232 investigation into national security concerns related toโค foreign drug reliance.
interpharma, the Swiss โpharmaceutical โขindustry association, arguedโ thatโ including services would reveal no actual U.S.โ deficit and that targeting the pharmaceutical sector would harm the Swiss economy. However, the association acknowledged aโฃ broader โขtrend towardโฃ local production to serveโฃ large markets,โ noting increased โฃU.S. capacity could diminish Switzerland’s role as a pharmaceutical hub.
The plan also includes increased procurement of U.S. military goods,โ facilitating โgreater sales of U.S. liquefied natural gas through Switzerland,โฃ and routing โmore โฃenergy trades through Switzerland instead โof London to โคfurther โbalance trade.
Negotiations between the two โcountries are ongoing.
