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瑞士黄金贸易对美顺差 为何招致高关税?
Sou Hu Cai Jing·2025-08-10 15:11

Core Viewpoint - The United States has imposed a 39% tariff on goods imported from Switzerland, citing that Switzerland artificially inflates its trade surplus through gold exports, which harms U.S. economic interests and necessitates tariffs for "reciprocal trade" [1]. Group 1: Trade Data and Trends - In 2024, Switzerland's gold exports to the U.S. surged to approximately $13.6 billion, nearly doubling from $7.5 billion in 2023 [1]. - By the first half of 2025, Swiss gold exports to the U.S. reached $48.5 billion, significantly exceeding the $2.1 billion from the same period in 2024, with $46.5 billion of this total occurring in Q1 2025 [1]. - The trade deficit between the U.S. and Switzerland exceeded $38 billion in 2024, and this figure rose to nearly $48 billion in the first half of 2025 [5]. Group 2: Reasons for Export Surge - The increase in Swiss gold exports is attributed to the need for gold to meet U.S. delivery and storage standards, as the London gold market lacks large-scale gold bar processing capabilities [6]. - Switzerland, being a global gold refining hub, processes various types of gold into high-purity bars that are highly regarded in major markets like New York and London [8]. - The U.S. has a significant demand for gold, despite local production, leading to imports of refined gold from Switzerland, which includes gold that is initially exported from the U.S. for refining [8]. Group 3: Market Dynamics and Implications - The surge in gold exports from Switzerland reflects a broader trend of increased demand for gold in the U.S. driven by uncertainties from U.S. tariff policies and geopolitical factors such as the Russia-Ukraine conflict [9]. - Analysis suggests that the substantial trade deficit in gold is being used by the U.S. as a justification for imposing high tariffs on Swiss imports, which may not be a valid rationale [10].