贸易逆差背后，瑞士黄金贸易成为特朗普关税政策焦点

Group 1 - Switzerland's unique position in global gold trade is causing a trade deficit with the U.S. to become a focal point of Trump's tariff policy, with tariffs on Switzerland reaching as high as 39% [1] - In the first quarter of this year, Switzerland exported over $36 billion worth of gold to the U.S., accounting for more than two-thirds of its trade surplus with the country [1] - The Swiss National Bank and IMD Business School emphasize that gold exports should not be included in trade relationship analyses, as they reflect financial market activities rather than actual economic output [2] Group 2 - Recent surges in Swiss gold exports to the U.S. are driven by an arbitrage opportunity due to concerns over potential tariffs, leading to a price premium in New York [3] - The arbitrage process involves transporting gold bars from London to Switzerland for re-minting into Comex specifications before delivery to New York, highlighting the importance of Swiss refineries in this trade [3] - Despite the high volume of gold trade, the refining business itself has relatively low added value, with Swiss refiners earning only a few dollars per ounce from re-minting [4]