Swiss association raises concerns over US tariff increase on gold bars

ISTANBUL

The Swiss Precious Metals Association (ASFCMP) expressed concern over the recent US tariff increase to 39% on one-kilogram and 100-ounce gold bars.

The association reminded that the decision is affecting imports from all countries, not solely Switzerland.

ASFCMP President Christoph Wild said in a statement: “We are particularly concerned about the implications of the tariffs for the gold industry and the physical exchange of gold with the U.S., a long-standing and historical partner for Switzerland."

While the US market is significant for Switzerland’s precious metals industry, the ASFCMP emphasized that the sector operates globally and is not reliant on a single market.

The tariff increase follows a short-term trade imbalance in early 2025, driven by US market reactions to tariff uncertainties and global geopolitical tensions.

The association stated that the tariffs render exporting these gold products to the US economically unviable, eliminating potential trade deficits from gold exports.