美瑞贸易摩擦加剧，瑞士黄金业界反对将产能转移美国

Core Viewpoint - The Swiss gold refining industry opposes relocating part of its operations to the U.S. due to the high tariffs imposed by the Trump administration, which could significantly harm the Swiss economy and businesses [1]. Group 1: Tariff Impact - The U.S. has announced tariffs as high as 39% on Swiss goods, which is higher than tariffs imposed on most other countries and an increase from the previously announced 31% [1]. - Switzerland exports 19% of its goods to the U.S., making it the largest export market for the country, and the high tariffs could lead to economic damage [1]. - UBS has revised its economic outlook for Switzerland, lowering the GDP growth forecast for 2026 from 1.2% to 0.9% due to concerns over tariff impacts [1]. Group 2: Trade Balance and Gold Refining - The U.S. is one of the largest trade surplus countries with Switzerland, with a trade deficit of nearly $48 billion in the first half of the year, primarily driven by gold trade [1]. - Switzerland is a major global player in gold refining, and gold significantly impacts the country's trade balance [1]. - Gold exported from Europe to the U.S. must be re-cast due to differing standards between the London market and the U.S. Comex exchange [1]. Group 3: Industry Response - Christoph Wild, president of the Swiss Precious Metals Production and Trade Association, advises against hasty decisions by the Swiss government regarding relocating refining capacity to the U.S. [1]. - Wild notes that the significant surplus in gold exports to the U.S. at the end of 2024 and early 2025 is an anomaly, driven by traders rushing to export metals before potential tariffs [2]. - Wild also states that the establishment of new refining capacity in the U.S. would have limited impact, despite the U.S. Customs and Border Protection indicating that Swiss gold bars could be subject to the new tariffs [3].