Swiss gold producers interested in setting up in US, says official
Swiss gold producers are considering establishing operations in the U.S. following a new trade agreement that reduces U.S. tariffs on Swiss goods from 39% to 15%. Despite gold's low profitability for Switzerland, it remains a key trade component. The agreement includes a Swiss commitment to invest $200 billion in the U.S. by 2028.
BERLIN, Nov 14 (Reuters) - Swiss gold producers are interested in setting up shop in the United States in the future, said a senior Swiss economic affairs official on Friday at a press conference after a tariff agreement was reached with Washington.
Gold, which is a large contributor to Switzerland’s trade surplus with the United States, remains exempt from tariffs, according.
However, gold is not very profitable for Switzerland, with a “very, very small margin of perhaps 1% or less,” said Helene Budliger Artieda, director of the State Secretariat for Economic Affairs (SECO).
“But I believe it’s important for them. For the U.S., it’s crucial to strengthen its gold market,” Budliger added.
The United States will reduce its tariffs on goods from Switzerland to 15% from a crippling 39% under a new framework trade agreement that includes a pledge by Swiss companies to invest $200 billion into the U.S. by the end of 2028, the Swiss government said on Friday.
