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Swiss Gold Traders Reject Swatch CEO’s ‘Go on Offensive’ Plan Against U.S. Tariffs

Switzerland Seeks Formal U.S. Pledge to Keep Gold Tariff-Free
Switzerland Seeks Formal U.S. Pledge to Keep Gold Tariff-Free

Switzerland’s gold industry has expressed skepticism about 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 goods, though Trump later clarified gold would not face tariffs.

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 diplomatic talks to lower U.S. tariffs.

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