Swiss Gold Traders Fear Reputational Damage from Proposed 39% U.S. Export Tax

Switzerland’s gold industry has firmly rejected Swatch CEO Nick Hayek’s proposal to impose a 39% export tax on gold bars shipped to the United States.

Hayek suggested the retaliatory measure after President Trump imposed 39% tariffs on Swiss imports, though gold was later exempted. The Swiss Association of Manufacturers and Traders in Precious Metals warned that such an export tax would harm Switzerland economically and damage its reputation as a free trade advocate.

Switzerland continues talks with U.S. officials to reduce the tariffs, which Trump justified by citing Switzerland’s trade surplus with America.