The Swiss government demands Washington to reduce its new 39% tariffs because the gold industry predicts these tariffs will stop $9.7 billion worth of bullion exports from last year.
The trade negotiations are led by Helene Budliger Artieda following President Karin Keller-Sutter’s unsuccessful attempt to obtain relief through a last-minute meeting. The new tariff eliminates all exemptions for gold bars weighing 1 kg and 100 oz.
The industry predicts between 15,000 and 15,000 job losses while watches and machinery and precision instruments face potential risks. The world receives 70% of its gold supply from Swiss refineries.
