Under tariff panic, Switzerland's gold exports to the U.S. plummet
According to Swiss customs data, in August, Switzerland's gold exports to the United States plummeted from over 30 tons in the previous month to only 0.3 tons, a decline of more than 99%. Amid tariff panic, Switzerland's total exports to the U.S. also fell by 22% month-on-month in August
Due to a ruling on a temporary imposition of gold tariffs, Switzerland, a major gold refining center in Europe, saw a significant drop in gold exports to the United States in August.
At the beginning of August, a U.S. agency ruled that the most commonly traded gold bars in the U.S., weighing 1 kilogram and 100 ounces, would be subject to equivalent tariffs, causing a stir in the gold and silver markets.
This move quickly triggered market panic. According to data from Swiss customs, Switzerland's gold exports to the U.S. plummeted from over 30 tons last month to just 0.3 tons in August, a decline of more than 99%.
Although the White House quickly responded by stating it would "clarify misinformation," and President Trump also posted on social media that "gold will not be subject to tariffs," the tariff exemption for gold bars was not officially confirmed until early September, allowing gold trade to resume.
Tariff turmoil disrupts the market, August sees a general decline in Swiss exports to the U.S.
According to CCTV News, on August 7 local time, the policy of imposing a 39% tariff on Swiss products by the U.S. officially took effect. The Swiss Federal Council held a press conference that day, stating that Switzerland would continue to be committed to negotiating with the U.S. to reduce tariffs as soon as possible.
In the first quarter of this year, more than two-thirds of Switzerland's trade surplus with the U.S. came from over $36 billion in gold exports. As previously mentioned by Jianwen, to resolve trade disputes with the U.S., Switzerland is proposing a comprehensive plan covering multiple areas, with a core initiative suggesting the establishment of a refining plant in the U.S. by its gold industry, aimed at directly addressing the trade imbalance that has strained relations between the two countries.
Customs data shows that Switzerland's seasonally adjusted total exports to the U.S. in August decreased by 22% compared to July.
At the same time, Switzerland's total gold exports in August fell by 19% month-on-month, to below 105 tons. Data shows that Switzerland's gold exports to China more than doubled, reaching 35 tons
