Swiss Gold Exports to US Collapsed in August After Tariff Scare

(Bloomberg) — Bullion exports to the US from Europe’s main refining hub in Switzerland plummeted in August, after a shock ruling that temporarily imposed tariffs on gold bars.

The bullion market was thrown into turmoil in early August when a US agency ruling clarified that one-kilogram and 100-ounce gold bars — the most commonly traded forms in the country — were to be subject to reciprocal tariffs. Gold exports ground to a near halt, with customs data showing shipments from Switzerland slumping more than 99% to 0.3 tons in August from the previous month.

The White House quickly responded to the ruling by saying it would “clarify misinformation” regarding the levies, and the following week President Donald Trump posted on social media that “Gold will not be Tariffed!”. But the tariff exemption for gold bars was only formalized in early September, allowing bullion trade to resume.

Switzerland, the most important gold refining hub in the world, is currently facing a US import tariff of 39%, the highest among developed nations. Record bullion exports of more than $36 billion made up more than two-thirds of Switzerland’s trade surplus with the US in the first quarter.

Total Swiss exports to the US, adjusted for seasonal swings, were 22% lower in August than in July, customs data showed.

Gold exports from Switzerland fell 19% to less than 105 tons last month, according to the data on website of Swiss Federal Customs Administration. Shipments to China more than tripled to 35 tons.

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