NextFin news, Swiss exports to the United States experienced a dramatic decline in August 2025, with gold and watch shipments plummeting following the imposition of a 39% tariff by the US government. This tariff, which took effect in early August, was a result of a ruling from the Trump administration that targeted Swiss goods, including one-kilogram and 100-ounce gold bars, the most commonly traded forms in the US market.
According to customs data reported by Bloomberg on Thursday, September 18, 2025, Swiss gold exports to the US dropped by more than 99%, falling to just 0.3 tons in August from the previous month. This near halt in bullion shipments was triggered by the US agency's clarification that these gold bars would be subject to reciprocal tariffs, disrupting the bullion market significantly.
In addition to gold, Swiss watch exports to the US also suffered, with foreign sales to America (excluding gold) decreasing by 22% in August compared to July, adjusted for seasonal variations. The watch industry, a key sector of Swiss exports, faced a notable downturn as a result of the tariff measures.
The tariffs represent the highest US levy among developed nations and have dealt a severe blow to Swiss exports. While shipments to other countries have increased, potentially offsetting some of the losses, the immediate impact on US-bound Swiss goods has been substantial.
The tariff imposition stems from a Trump-era trade policy aimed at addressing trade imbalances and protecting domestic industries. The ruling's timing and scope caught many Swiss exporters off guard, leading to rapid market adjustments and a sharp contraction in trade volumes with the US.
Industry analysts note that the tariffs have introduced costly red tape and uncertainty for businesses engaged in transatlantic trade, complicating supply chains and pricing strategies. The legal and economic ramifications of these tariffs continue to unfold as stakeholders await further developments, including potential court reviews and negotiations between the US and Swiss authorities.
This trade disruption highlights ongoing tensions in US-Swiss economic relations and underscores the broader challenges faced by global trade in the context of protectionist policies.
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