Swiss Precious Metals Association Responds to 39% U.S. Tariff on Gold Imports

The Swiss Precious Metals Association (ASFCMP) has formally responded after the United States imposed a 39% tariff on certain gold imports. Swiss industry leaders and market participants are closely monitoring the development and its potential to reshape established trade flows between Switzerland and the U.S.

Scope of the Tariff and Affected Products

U.S. Customs and Border Protection has classified Comex-deliverable gold bars—specifically the commonly traded 1kg bars and the 100oz bars used in some wholesale contracts—under a tariff code that carries the 39% duty. According to the ASFCMP, this tariff applies broadly to imports from all countries, not only Switzerland.

Impact on Swiss-U.S. Gold Trade

Switzerland is a major global hub for precious metals refining and trade. The ASFCMP, representing Swiss refiners and market participants, warns that a 39% tariff significantly alters the economics of exporting gold to the U.S. market. For many exporters, the duty makes shipments to the United States economically unviable or forces them to seek alternative routes and markets.

ASFCMP President Christoph Wild has publicly expressed concern about how the tariff may disrupt longstanding gold trade relationships. The tariff introduces uncertainty around cross-border gold flows, settlement of futures contracts, and the broader functioning of the market for Comex-deliverable bars.

Industry and Government Engagement

In response to the tariff, the ASFCMP is actively engaging with Swiss federal authorities to assess legal and trade-policy options. The association has also reached out to international market organizations, including the London Bullion Market Association and the World Gold Council, as well as relevant U.S. stakeholders. These consultations aim to clarify the tariff’s classification, explore administrative remedies, and coordinate a sector-wide response where appropriate.

Market and Supply Chain Considerations

The new tariff classification creates immediate and longer-term implications for supply chains, pricing, and contract fulfillment. Market participants who trade Comex-deliverable bars may need to review contract terms, delivery locations, and cost structures. Refiners and traders that historically routed significant volumes to the U.S. will likely assess alternatives such as reallocating exports to other jurisdictions, converting bars to alternative specifications, or renegotiating trading agreements.

Clearing and settlement mechanisms tied to Comex delivery standards are central to futures markets and physical settlement. Any persistent change to the cost or ease of moving standard bars across borders could affect liquidity, trading strategies, and the alignment between physical and paper markets.

What to Watch Next

• Clarifications from U.S. Customs and Border Protection regarding tariff application and any possible exemptions or appeals.
• Outcomes of discussions between the ASFCMP, Swiss authorities, and international market bodies such as the LBMA and the World Gold Council.
• Operational responses by refiners, traders, and vault operators to mitigate added costs and preserve market access.
• Possible legal or trade remedies pursued through bilateral channels or international trade mechanisms.

Conclusion

The imposition of a 39% tariff on certain gold imports has prompted swift reaction from the Swiss Precious Metals Association and other market participants. With 1kg and 100oz Comex-deliverable bars explicitly caught by the tariff classification, the decision has significant commercial implications. The ASFCMP is coordinating with Swiss authorities and international organizations to seek clarity and practical solutions, while industry stakeholders evaluate how best to adapt to a changed trading environment.