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Swiss gold trading takes spotlight in trade talks with Trump
By Jan-Henrik Foerster and Jack Ryan
Bloomberg News
Monday, August 4, 2025
The trade imbalances that prompted President Donald Trump to slap hefty levies on Swiss imports have been driven by a small industry at the center of the world’s gold market.
The country is the world's biggest gold-refining hub, thanks to a longstanding reputation for quality and discretion. Billions of dollars worth of gold is constantly flowing into and out of the nation, from mines in South America and Africa to banks in London and New York.
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Flows of the precious metal cause big swings in the country's trade balances, even if the Swiss refiners capture only a small portion of the value of the commerce.
Bullion is by far the country's largest export good, according to Simon J. Evenett of IMD Business School. "Gold is special," Evenett said. "It isn't really manufactured in Switzerland. 'Processed' is a better word."
The impact of the industry is more important than ever as the Trump administration focuses on leveling trade deficits. Record bullion exports of more than $36 billion made up more than two-thirds of Switzerland's trade surplus with the U.S. in the first quarter, according to Swiss customs data. ...
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