Switzerland’s precious metals industry is urging U.S. President Donald Trump to make a formal, binding commitment that gold imports will remain free of tariffs. Although President Trump’s recent remarks expressing opposition to tariffs on gold helped calm markets, the Swiss trade association ASFCMP says that only a clear, legally binding decision will provide the certainty international traders and refiners need.
The ASFCMP, which represents Swiss refiners and firms active in the global precious metals supply chain, argues that tariff-free access is crucial for the efficient operation of cross-border trade. Switzerland is a major hub for gold refining and trading; uncertainty about potential duties could disrupt logistics, increase costs, and prompt firms to adjust sourcing and processing strategies.
Leaders of the Swiss industry emphasize that verbal assurances, while helpful for immediate market sentiment, are not a substitute for formal policy. A binding U.S. decision would remove ambiguity for companies planning long-term contracts, investments, and inventory strategies. It would also reinforce established trade flows that have supported liquidity and price discovery in global gold markets.
Market participants say that even the prospect of new tariffs can trigger price volatility as traders reassess risk and reposition holdings. For refiners, which operate on relatively thin margins and rely on predictable cross-border shipments, sudden changes in tariff policy could mean higher compliance costs and operational delays. The ASFCMP is therefore calling on U.S. authorities to translate public statements into definitive, written policy.
Beyond immediate commercial concerns, the association stresses that tariff certainty benefits the broader financial ecosystem that depends on gold as a store of value and a hedging instrument. Clear rules would help maintain smooth functioning in related markets, from bullion trading to exchange-traded products and central bank operations.
In its appeal, the Swiss group highlights the importance of stable, predictable trade rules for preserving Switzerland’s role as a trusted global hub for handling precious metals. The ASFCMP says that a formal guarantee from the United States would support continued investment in refining capacity and strengthen long-term partnerships between Swiss firms and their international counterparts.
While the industry awaits a definitive policy statement, market watchers will be monitoring any official communications or legislative moves that could affect tariffs on gold. For now, the association’s message is clear: only a binding commitment can fully restore the certainty needed for seamless global trade in gold.