Switzerland’s gold industry has strongly rejected a proposal from Swatch CEO Nick Hayek to apply a 39% export tax on gold bars bound for the United States.
Hayek raised the idea in response to U.S. President Donald Trump’s decision to impose 39% tariffs on certain Swiss goods, a move that initially included but later exempted gold. The Swiss Association of Manufacturers and Traders in Precious Metals criticized the suggestion, saying such a tax would damage Switzerland’s economy and undermine its long-standing reputation as a proponent of free trade.
Swiss authorities remain engaged in discussions with U.S. officials aimed at easing the tariffs, which Washington justified by pointing to Switzerland’s trade surplus with the United States.