Switzerland Proposes Gold-Refining Investment to Offset U.S. Tariff Impact

Switzerland is maneuvering to mitigate the fallout from steep U.S. tariffs by offering to relocate low-margin gold-refining operations to American soil. The proposal, pitched to Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer, involves processing London-standard Gold bars into smaller New York-preferred units—a niche with razor-thin profits even at record gold prices.

The Swiss government, tight-lipped on specifics, confirmed refining the offer for a 'swift agreement' after President Karin Keller-Sutter's initial resistance to Trump-era tariffs backfired. The tariffs have already dented Swiss exports, with bullion alone accounting for over two-thirds of Switzerland's Q1 trade surplus with the U.S.

Ticino, the refinery hub fueling this surplus, now faces pressure as preemptive gold dumping by traders ahead of tariff implementation created a political flashpoint. The Swiss pivot to sectoral concessions—spanning energy, agriculture, and now precious metals—signals a tactical retreat to protect its export economy.