TechFlow news, April 8 — According to Jinshi Data, a paper published by the Swiss National Bank on Tuesday stated that Switzerland's massive gold exports to the United States should not be factored in when analyzing trade relations between the two countries. Less than a week earlier, the White House announced a 32% tariff on goods imported from Switzerland—far exceeding the 20% rate imposed on the EU—which the Swiss government called "incomprehensible."
Laurence Wicht, an economist at the Swiss National Bank in Zurich, wrote: "Safe-haven demand for gold distorts key indicators of Switzerland’s external sector. These indicator shifts require careful interpretation—they reflect global factors, not changes in Switzerland’s economic fundamentals." Wicht noted that Swiss gold sales to the U.S. "surged by 414 tons" between last December and this February. She pointed out that stripping out gold-adjusted base data makes Switzerland’s trade surplus with the U.S. appear smaller. Ahead of Trump’s announcement last week of global tariffs, concerns over potential impacts on gold triggered heavy imports into the United States. Due to differing specifications between London and New York gold, the metal needs to be recast in Switzerland, a refining hub, making the country a gold transit point.
