Switzerland considers gold refinery in the US to reduce customs duties

Switzerland has proposed building a gold refinery or expanding processing capacity in the US to reduce the trade tariffs imposed by Donald Trump's administration in August.

The 39 percent tariffs are a response to the United States' trade deficit with Switzerland, which is mainly caused by exports of pharmaceuticals, chemicals, and gold.

The measure is part of a broader plan to balance trade flows. In addition to gold, the Swiss also want to relocate parts of pharmaceutical production directly to the US.

This would not only meet US demand, but also enable further exports from the United States.
In addition, Switzerland plans to increase its purchases of US military equipment and expand trade in liquefied natural gas.

The aim is to refute Trump's arguments about the deficit and prevent further tariffs, especially against the pharmaceutical industry.

Talks are ongoing but remain officially confidential.

(reuters, red)