Switzerland’s gold industry has pushed back against Swatch CEO Nick Hayek’s suggestion to impose a 39% export tax on gold bars bound for the United States.
Hayek floated the idea as a retaliatory response after President Trump announced 39% tariffs on Swiss goods, a move he later clarified would not include gold. Despite that clarification, Hayek argued for an export levy to counter the tariffs.
The Swiss Association of Manufacturers and Traders in Precious Metals, which represents the country’s bullion producers and refiners, warned that such a tax would be economically harmful. The association said an export duty of that size would undermine Swiss competitiveness, reduce demand for Swiss-refined gold, and damage Switzerland’s long-standing reputation as a supporter of free trade and open markets.
Industry representatives also noted practical concerns: imposing a heavy export tax could push customers to source gold elsewhere, disrupt long-established trading relationships, and encourage smuggling or other workarounds that would ultimately hurt legitimate Swiss businesses. Refiners and traders depend on stable, predictable trade terms to operate efficiently in a global market, the association said.
Swiss authorities have been engaged in diplomatic discussions aimed at reducing the scope or impact of U.S. tariffs. Government officials continue to seek a negotiated outcome that would avoid escalating trade restrictions between the two countries, while protecting Swiss economic interests.
For now, the gold industry favors measured, policy-driven responses rather than retaliatory levies that could prompt further tensions. Stakeholders say coordination between government and industry is essential to find solutions that preserve jobs and maintain Switzerland’s role in international precious-metal markets without resorting to measures that could backfire economically.