Just days after the US imposed 39% tariffs on Switzerland, a major development regarding gold has struck another blow to the “world’s refining hub.” According to media reports, one-kilogram and 100-ounce gold bars have now been reclassified under a customs code subject to tariffs, reversing previous expectations of a gold tariff exemption.
The kilogram bar is a key trading unit on the New York Commodity Exchange (Comex). Driven by inflation concerns, rising government debt, and a weaker US dollar, gold prices have climbed 27% year-to-date in 2025.
In July 2025, Mr. Robert (Bob) Archer, P.Geo, President, CEO, and Director of Pinnacle Silver and Gold Corp. (TSXV: PINN), provided an in-depth discussion on the company’s recent developments and future plans in an interview with METALS 100. Pinnacle is focused on large-scale precious metal exploration in the Americas and is currently advancing gold and silver projects in Mexico and Ontario, including the recently acquired El Potrero Project located in the Sierra Madre Trend.
As the world’s largest gold refiner, Switzerland exported an estimated $61.5 billion worth of gold to the US in the year through June. Approximately $24 billion of this could now incur tariffs under the new rates.
Industry sources indicate that some Swiss refiners have suspended or reduced shipments to the US while seeking legal clarity on product classifications. Christoph Wild, President of the Swiss Association of Manufacturers and Traders of Precious Metals, stated the tariffs would impact Switzerland’s ability to meet market demand for gold. Last year, gold accounted for 27% of Switzerland’s merchandise trade value—exceeding any other product.
Yet despite being the world’s largest gold refining center, Switzerland’s gold sector remains small, with just five major refiners employing around 1,500 people.
Consequently, the Swiss National Bank argues gold should be excluded from US tariff calculations, reasoning that safe-haven gold purchases during uncertain periods “could distort indicators like the country’s current account.” For instance, although Switzerland’s gold trade with the US exceeded $36 billion in Q1 this year, the industry generates annual profits of just a few hundred million dollars.
