FT reported on the negative impact on Switzerland of the introduction of US duties on gold
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- FT reported on the negative impact on Switzerland of the introduction of US duties on gold
Since July 31, the United States has imposed duties on imports of gold bars weighing 1 kg and 100 ounces, which could hit Switzerland, which is the world's largest gold processing center. This was reported on August 7 by The Financial Times (FT) newspaper, citing sources.
"The Agency for the Protection of Customs Borders stated that gold bars weighing 1 kg and 100 ounces should be classified according to the customs code subject to taxes, according to the so—called letter dated July 31," the publication said.
It is noted that the introduction of duties on gold imports will complicate the trade of Swiss gold with the United States, and therefore demand for the yellow metal will fall.
According to the FT, gold is one of Switzerland's largest exports to the United States.
Earlier, on August 4, Switzerland announced its readiness to continue trade negotiations with the United States. It is specified that negotiations may continue after August 7— the date of entry into force of 39% of duties. At the same time, in order to reach an agreement with Washington, the Swiss Federal Council has developed a new approach to negotiations.
On the same day, American political scientist Malek Dudakov said that the tariffs imposed by US President Donald Trump on Switzerland at the level of 39% could have a significant impact on the country's economy. He noted that such measures would also have a negative impact on the Swiss watch market, which plays an important role in the country's economy.
On August 1, the American leader imposed additional duties on imported goods from the European Union and more than 60 foreign countries. The highest tariffs were imposed on goods from Laos, Myanmar (40% each) and Syria (41%). Also, goods from countries that have not concluded an agreement with the United States are subject to a duty of 10%.
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