this post was submitted on 08 Aug 2025
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Imposition of 39% export rate described as ‘another blow’ to Switzerland’s world-leading refining industry

The price of gold futures have soared to a record high after it was reported that the US would put tariffs on imports of 1kg bars in a further trade blow to Switzerland, which dominates the world’s refining industry.

Swiss exports to the US were hit by a crippling 39% tariff on Thursday after the country’s president returned empty-handed from a last-minute dash to Washington in an attempt to get the rate, among the highest imposed by Donald Trump, lowered.

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[–] cecilkorik@lemmy.ca 16 points 4 months ago

It's like the new version of the "If a tree falls in a forest" quote. "If market manipulation is happening in plain sight but nobody cares, does it still generate profit?" Yes, yes it does.