Core Viewpoint - Swiss businesses are actively engaging with the U.S. to negotiate a reduction in tariffs, moving closer to a potential agreement that could lower tariffs to 15%, aligning with the EU's tariff rates on U.S. exports [4][6]. Group 1: Trade Negotiations - Swiss enterprises have shifted from behind-the-scenes lobbying to direct engagement with the Trump administration, reflecting the urgency created by the recent imposition of a 39% tariff on Swiss goods [6][7]. - The Swiss delegation, led by President Keller-Sutter, initially aimed for a tariff agreement around 10%, but the unexpected increase to 39% shocked both political and business leaders in Switzerland [6][8]. - The private sector has emerged as a key player in breaking the negotiation deadlock, with prominent Swiss business leaders meeting with President Trump to discuss trade issues [7][8]. Group 2: Economic Context - The U.S. is Switzerland's largest export market, with significant exports including watches, chocolate, and machinery, and the trade deficit has been cited as a reason for the high tariffs [6][12]. - In 2024, the U.S. trade deficit with Switzerland reached $38.3 billion, a 56.1% increase from the previous year, while the U.S. maintained a $29.7 billion surplus in service trade with Switzerland [12][13]. - The gold refining industry in Switzerland, although a small part of the economy, has contributed significantly to the trade deficit, prompting discussions about Swiss investments in U.S. gold refining as a potential bargaining chip [12][14]. Group 3: Future Prospects - There is optimism that an agreement could be reached by January 2026 during the World Economic Forum in Davos, where President Trump is expected to attend [14][15]. - The involvement of the new U.S. ambassador to Switzerland may also provide additional momentum to the negotiations, although the situation remains uncertain [9][10].

Core Viewpoint - Swiss businesses are actively engaging in negotiations with the U.S. to reach a tariff agreement, potentially lowering tariffs to 15%, aligning with the EU's tariff rates [1][2][4] Group 1: Swiss Business Engagement - Swiss business leaders have shifted from behind-the-scenes lobbying to direct engagement with the Trump administration, aiming to break months of negotiation deadlock [2][3] - The Swiss delegation, led by Federal President Keller-Sutter, was initially shocked by the U.S. imposing a 39% tariff on Swiss goods, which is the highest among developed economies [2][4] Group 2: Economic Impact and Trade Relations - The U.S. trade deficit with Switzerland is approximately $39 billion, with the U.S. imposing high tariffs as a response to this imbalance [2][6] - Swiss exports account for over 70% of its GDP, with key products including watches, chocolate, and machinery, making the U.S. a crucial market [4][6] Group 3: Negotiation Dynamics - High-profile Swiss executives, including those from Partners Group and Rolex, have met with Trump to emphasize the strong economic ties between the two nations [3][4] - The Swiss strategy in negotiations has leveraged its traditional strengths, with business leaders seen as more effective than political figures in addressing trade issues [4][5] Group 4: Future Prospects - There is speculation that a trade agreement could be announced at the World Economic Forum in Davos in January 2026, with Trump likely to attend [7] - The potential for Swiss companies to invest in the U.S. gold refining industry is being considered as a strategy to persuade the U.S. to lower tariffs [6][7]

Group 1 - The Swiss are optimistic about reducing the tax rate to 15%, aligning it with the EU, which would provide significant relief for Switzerland [1] - Donald Trump expressed the possibility of a deal soon but did not confirm the 15% figure [2] - Swiss billionaires and executives have engaged in a charm offensive, meeting with Trump to address concerns about trade imbalances, particularly in goods [2][3] Group 2 - There is potential for investment in the gold sector, which is a focus for Trump, as a means to address the trade imbalance [3] - The initial shock of the 39% tax figure remains significant, but there is optimism for a resolution that aligns Swiss rates with EU standards [3]

宏观慧眼 四中全会擘画"十五五"规划蓝图：以高质量发展筑牢中国式现代化根基 苏商银行特约研究员 高政扬 2025年10月20日至23日，二十届四中全会在北京召开，为新时代中国经济社会发展的关键阶段锚定方 向、擘画蓝图。此次全会审议通过了《中共中央关于制定国民经济和社会发展第十五个五年规划的建 议》，清晰且系统地擘画了2026年至2030年中国经济社会发展的总体方向、战略重点与政策路径。 金价短期调整承压，长期支撑仍存 招金精炼有限公司副总经理 梁永慧 当前金银价格波动主要受政策预期、地缘风险及市场情绪三大核心因素驱动。从近期市场变化来看，此 前支撑金银上涨的关键利多因素均出现缓和迹象：地缘风险有所降温，中美经贸摩擦取得积极进展；同 时白银租赁利率从10月上旬34.9%的历史高位回落至5.6%，实物市场此前存在的供应紧张局面有所缓 解。在利多因素持续消化、避险情绪下降的背景下，前期积累的获利盘离场进一步加剧了金银价格调 整。 短期视角下，全球经济及地缘政治领域的不确定性因素尚未完全消除，仍将对金银价格形成阶段性扰 动。长期来看，美联储降息周期已正式开启，叠加实物金银供需缺口的客观存在，将为金银价格提供基 础性支 ...

Group 1 - The Swiss government has introduced a strategic cooperation plan to invest in the U.S. gold refining industry in response to the Trump administration's 39% import tariff policy, which has significantly impacted Swiss exports and forced a downward revision of economic growth expectations [3] - The proposal submitted to U.S. Treasury Secretary Mnuchin and Trade Representative Lighthizer includes relocating low-margin operations of domestic refiners to the U.S., involving the re-melting of gold bars to create smaller bars that meet New York market demands [3] - Despite global gold prices reaching a historic high of over $3,800 per ounce, the profit margins in the gold refining industry remain low, with current refiners earning only a few dollars per unit profit from re-casting gold bars, highlighting the industry's low-profit nature [3] Group 2 - The current trading range for gold futures is around 874.60 CNY per gram, with a short-term bullish outlook, having reached a high of 876.82 CNY per gram and a low of 865.08 CNY per gram [1] - Key resistance levels for gold futures are identified between 876 CNY per gram and 880 CNY per gram, while important support levels are between 829 CNY per gram and 860 CNY per gram [4]

Core Viewpoint - Switzerland is proposing to invest in the U.S. gold refining industry to persuade the Trump administration to lower the recently implemented 39% import tariff, which has negatively impacted Swiss exports and forced a downward revision of growth expectations [1][2]. Group 1: Tariff Impact and Trade Dynamics - The 39% tariff has significantly affected Swiss exports to the U.S., leading to a re-evaluation of growth forecasts for Switzerland [1]. - The gold trade accounted for over two-thirds of Switzerland's trade surplus with the U.S. in the first quarter, creating a distorted trade pattern that has drawn criticism from various stakeholders [2]. - The influx of gold into New York during the first quarter has altered the trade dynamics, with Swiss refineries operating at full capacity to convert 400-ounce London bars into 1-kilogram bars preferred in New York [2]. Group 2: Industry Response and Future Plans - Swiss refiners are considering relocating low-margin operations to the U.S. as part of their investment plans, although profitability will depend on sufficient demand in the U.S. market [3][4]. - The Swiss Precious Metals Producers and Traders Association has indicated that all refining members have plans for long-term investments in the U.S. [3]. - There are calls from Swiss politicians for a 5% tax on the gold industry to mitigate the economic impact of the Trump tariffs, highlighting the industry's reputation risk and lack of significant net economic benefit [4][5]. Group 3: Economic Viability and Market Conditions - The refining industry faces challenges in profitability, with minimal gains from refining operations despite high gold prices, as the profit per ounce remains low [5][6]. - The global largest refiner, Valcambi SA, has expressed skepticism about the feasibility of establishing new refining facilities in the U.S. due to market saturation and low profit margins [6][7]. - Industry leaders argue that imposing taxes on gold exports would likely end the trade, as the U.S. could source gold from other suppliers without incurring additional costs [5][6].

Group 1 - Switzerland is actively seeking a tariff agreement with the Trump administration to alleviate the impact of a 39% import tariff on gold, which is the highest among developed countries and has severely affected Swiss exports and economic growth expectations since its implementation last month [1] - The Swiss government has proposed a plan to U.S. Treasury Secretary Mnuchin and Trade Representative Lighthizer, encouraging Swiss gold refining companies to relocate their least profitable operations to the U.S. to meet local market demands [1] - The sudden imposition of the 39% tariff by Trump disrupted the previously balanced gold trade structure between Switzerland and the U.S., leading to a significant shift in trade dynamics [1] Group 2 - The gold industry holds significant economic and historical importance in Switzerland, primarily located in the Ticino region, and the country is the largest gold refining center globally, despite employing only about 1,500 people [4] - Recent surges in gold prices have seen spot gold prices exceed $3,800 per ounce, but refining profits remain extremely low, making the industry highly sensitive to policy changes [4] - Industry leaders express concerns that any additional export taxes on gold would collapse the entire trade chain, given the already thin profit margins and intense international competition [5] Group 3 - The Swiss government is considering concessions in the gold refining sector and exploring additional cooperation in energy, agriculture, and other areas to encourage the Trump administration to reduce tariffs and prevent further trade friction [6] - Diplomatic sources indicate that Switzerland aims to restore trade balance and stabilize its core position in the global supply chain through these measures [6]

Group 1 - Switzerland proposes to invest in the U.S. gold refining industry to persuade the Trump administration to reduce the recently imposed 39% import tariff [1] - The proposal includes transferring the least profitable operations to the U.S., such as melting gold bars traded in London and recasting them into smaller bars popular in New York [1] - The Swiss government has optimized the conditions presented to the U.S. to expedite an agreement and continues diplomatic and political exchanges to swiftly lower the additional tariffs [1] Group 2 - Spot gold maintains approximately a 1.8% increase, stabilizing near its historical high of $3,832.79 [1]

Core Insights - The article discusses Switzerland's response to the high tariffs imposed by the U.S. on Swiss goods, particularly focusing on the significant role of gold in the trade relationship between Switzerland and the U.S. [1] - In the first seven months of this year, Switzerland exported nearly 1,040 tons of gold, with 518 tons (approximately 50%) going to the U.S., a substantial increase from 13.8 tons in the same period last year [1] - The value of gold exported to the U.S. reached 429.4 billion Swiss francs (approximately 384.64 billion yuan), surpassing the total value of other Swiss exports to the U.S. [1] Group 1: Trade Dynamics - Switzerland is exploring relocating some gold refining facilities to the U.S. to reduce its trade surplus with the U.S. and enhance local refining capabilities [1] - The current gold refining industry in Switzerland benefits from geographical advantages and established infrastructure, making relocation challenging [3] Group 2: Global Refining Landscape - China leads the global gold refining industry with 18 refineries listed by the London Bullion Market Association (LBMA), accounting for over 25% of the total [3] - Switzerland ranks second globally with five refineries on the LBMA list, maintaining a strategic position between the imperial and metric gold measurement systems [3] Group 3: Historical Context - The rise of Switzerland as a gold refining center began in the late 1960s, following the decline of London's refining industry due to the dollar crisis and subsequent gold shortages [4] - Major Swiss banks capitalized on the shift in the gold market, establishing a strong foothold in gold refining during the 1970s [4] - Relocating refining operations for short-term trade balance could jeopardize Switzerland's established position in the global gold refining market [4]

Core Viewpoint - Switzerland is proposing a comprehensive plan to address trade disputes with the United States, focusing on establishing a gold refining facility in the U.S. to tackle trade imbalances [1][2]. Group 1: Trade Dispute and Proposed Solutions - The U.S. imposed a 39% tariff on Swiss products, effective August 7, which has prompted Switzerland to seek negotiations to lower these tariffs [1]. - A key element of Switzerland's plan involves enhancing the processing capabilities of its gold industry within the U.S. to balance trade flows [1][2]. - Discussions between Swiss Economic Minister Guy Parmelin and senior U.S. economic officials have been described as "constructive," with proposals on the table [1]. Group 2: Gold Industry Focus - Switzerland, as a leading global gold refining center, is considering building a new refining facility in the U.S. or investing in existing ones to increase capacity [2]. - The Swiss Precious Metals Association has indicated that the gold industry must explore ways to mitigate the trade deficit, potentially by meeting U.S. demand domestically [2]. Group 3: Pharmaceutical Sector Considerations - The pharmaceutical industry is another significant contributor to the trade deficit, and Switzerland is developing solutions to enable local production of pharmaceutical products in the U.S. [3]. - This strategy aims to allow Swiss pharmaceutical companies to meet U.S. market demands and potentially export from U.S. facilities, thereby reversing trade flows [3]. - Concerns have been raised by the Swiss Pharmaceutical Association regarding the potential negative impact on the Swiss economy and its status as a global pharmaceutical hub if the focus shifts too heavily towards local production [3].