The surprise wasn’t that the US took action. Few foreign partners have escaped the levies driving President Donald Trump’s economic agenda. Switzerland, having a CHF48.5 billion ($60 billion) goods surplus with the US in 2024 and importing limited American goods in return, had long been a target.

U.S. President Donald Trump's statement on not putting tariffs on gold has sent an encouraging signal for trade stability but only a formal decision will provide certainty, the head of the Swiss precious metals association ASFCMP said on Tuesday.

The U.S. won’t apply tariffs on imports of gold, President Trump posted on Monday, following a ruling from Customs and Border Protection that had made the precious metal subject to steep duties. “Gold will not be Tariffed!