Gold futures reached a record high after the US imposed a 39% tariff on Swiss gold bar imports. Swiss exports to the US were impacted by this tariff, which was among the highest set by the Trump administration. US customs clarified that some gold imports previously exempt from tariffs would also fall under this ruling. Switzerland, which controls about 70% of the global gold trade, imports 2,000 tonnes of gold annually, primarily for export. The additional 39% tariff creates major challenges for Swiss gold exports worth around $61.5bn last year.
The price of gold futures for delivery in December hit an all-time intraday high of $3,534 after the news emerged about US tariffs.
Swiss exports to the US were affected by a crippling 39% tariff, which followed a failed diplomatic effort to lower the tax.
Switzerland dominates the trade of turning gold from mines into bars, handling about 70% of the world's market share.
Switzerland's gold trade, crucial for its economy, faced additional burdens with tariffs that significantly impacted its exports to the US.
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