The Trump administration has imposed a 39% tariff on Swiss exports, the sixth-highest among any country. The high tax came as a "surprise to the European country" given that a "trade agreement had seemingly been imminent," said CNBC. While Switzerland has remained mostly neutral in recent American affairs, Trump has long railed against the country.

The surprise wasn’t that the US took action. Few foreign partners have escaped the levies driving President Donald Trump’s economic agenda. Switzerland, having a CHF48.5 billion ($60 billion) goods surplus with the US in 2024 and importing limited American goods in return, had long been a target.

U.S. President Donald Trump's statement on not putting tariffs on gold has sent an encouraging signal for trade stability but only a formal decision will provide certainty, the head of the Swiss precious metals association ASFCMP said on Tuesday.