Silver Rises Over 120% YTD 
Switzerland’s exports to the US rose 1.1% in July, driven by increased gold and watch shipments, just before President Trump imposed a surprising 39% tariff on Swiss goods—the highest among developed nations. Gold exports jumped to their highest level since March, while Swiss watch exports returned to growth, primarily due to US demand.
The new tariff affects about 10% of Swiss exports, particularly hitting machinery and technology sectors, though medicines remain exempt for now. Switzerland is urgently negotiating with Washington to reduce the levy while implementing domestic measures to cut production costs. The country’s role as the world’s largest gold-refining hub has become increasingly important, with gold exports worth over $36 billion accounting for two-thirds of Switzerland’s trade surplus with the US in Q1.
Despite the harsh tariff, analysts don’t expect Switzerland to enter recession, though concerns remain if Trump extends levies to pharmaceuticals, which represent nearly half of Swiss exports to America.
