From a Swiss perspective, this is hardly a good deal. The tariffs also affect Swiss gold exports, as the Financial Times first reported. Although the Swiss delegation, which returned from the U.S. empty-handed last week, intends to continue negotiating an agreement, more and more politicians at home are arguing that the industry — with around 2'000 employees and more than USD 100 billion in revenue — should in some way pay for the debacle.

«If a sector harms the entire economy and brings little value to Switzerland in terms of jobs or taxes, we need to consider whether this sector should cover the damage,» Hans-Peter Portmann, an FDP member of parliament and party colleague of President Karin Keller-Sutter, told the Financial Times over the weekend. He suggested sending gold back to its countries of origin such as the UK, Brazil, or the Netherlands, and leaving onward transport to the U.S. to those countries. A sustainability levy is «another option.»

Exports Worth Over USD 60 Billion

Recently, Switzerland has done brisk business with gold exports, shipping gold bars worth around USD 61,5 billion in the past twelve months. This has contributed significantly to the trade surplus with the United States. According to the Swiss National Bank, gold was Switzerland’s most important export in 2024 at 27 percent, ahead of pharmaceuticals. For this reason, the Swiss gold industry has been made the scapegoat by national politicians for the collapse of tariff negotiations.

Green Party leader Lisa Mazzone had already suggested to chmedia newspapers last week an «appropriate taxation» of the industry to offset the impact of the Trump tariffs. The Social Democrats, meanwhile, criticized the Federal Council for failing to foresee that gold could become politically sensitive.

“A Very Good Calling Card for Switzerland”

Such proposals are not entirely far-fetched, according to Nannette Hechler Fayd’herbe, Head of Europe at private bank Lombard Odier: «If the Trump administration is only looking at the total import figure, it might make sense to at least temporarily slow Swiss gold exports to the U.S. through trade barriers,» she told the Financial Times.

James Emmett, CEO of refinery MKS Pamp, defended his industry: «Precious metals — and gold in particular — are a very good calling card for Switzerland,» he said.

«Singling out one sector is the wrong approach,» said Christoph Wild, President of the Association of Precious Metals Dealers.