瑞士“躺枪”39%重税，都是黄金惹的祸？

Group 1 - The trade imbalance prompting President Trump's high tariffs on Swiss imports is driven by the gold market, with Switzerland being the largest gold refining center globally [1] - Switzerland's gold exports accounted for over two-thirds of its trade surplus with the U.S. in the first quarter, amounting to a record over $36 billion [1] - The U.S. Trade Representative indicated that the tariffs reflect the commercial balance with the U.S. and the country's willingness to address its trade deficit [1] Group 2 - A significant influx of gold into the U.S. is occurring due to a potential profitable transatlantic arbitrage opportunity, as traders aim to transport gold bars to New York [2] - The reversal of gold flows occurred in the second quarter after Trump's tariff exemption, leading to a net inflow of over $1 billion in Swiss gold [2] - Despite the large amounts involved in gold bar trading, the refining industry in Switzerland is relatively small, with only five companies producing investment-grade gold [2]