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Nelum
Gold

Switzerland to United States

Checked 2026-09-28

Public law and official guidance, published as research. Not legal, tax or financial advice.

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SwitzerlandUnited States

Swiss-refined kilobars and 100 oz bars moving to New York (COMEX depositories). Gold normally enters the US duty-free, but the 2025 tariff episode made this pair unique: IEEPA reciprocal tariffs on Switzerland reached 39%, and a CBP ruling of 31 Jul 2025 put 1 kg and 100 oz cast bars in HTSUS 7108.13.55, outside the Annex II exemption, until EO 14346 added the bullion subheadings to the exemption from 8 Sep 2025. The 14 Nov 2025 US-Switzerland-Liechtenstein framework cut the Swiss rate to a 15% ceiling (retroactive, implemented 18 Dec 2025) and left the gold exemption unchanged. Flows swung from record highs (Jan-Mar 2025) to near zero (Aug 2025) and back-flows to Switzerland. 2026-09-28: IEEPA tariffs (39%, then 15% ceiling) held unlawful by the Supreme Court on 20 Feb 2026; replaced by a 10% s.122 surcharge (24 Feb-24 Jul 2026, bullion excepted) and from 24 Jul 2026 a s.301 tariff taking Swiss goods to 12.5% combined; gold treatment under s.301 not confirmed.

How sure this page is

  • Secondary 1
  • Unverified 1
  • Researcher's note 1
  • Not recorded 2
  • Text 1
  • Not stated 1

Where practice departs from the law

What credible sources show happening that the law does not provide for.

  • Policy said bullion would not be tariffed ('Gold will not be Tariffed!', 11 Aug 2025), but CBP's 31 Jul 2025 classification put the most-traded COMEX bars from Switzerland outside the exemption until EO 14346 took effect; the Swiss Precious Metals Association warned exports would be 'economically unviable'.

    SecondaryNot recorded

  • Large mirror gap in 2024: Switzerland reports 153 t to the US, the US records 24 t from Switzerland. Not explained by the sources read (candidate causes: US origin attribution, foreign-trade-zone or warehouse entries, timing around year-end).

    Unverified

    Researcher's note: Inference by the pair researcher from the mirror figures; not stated by either statistics office.

What we could not obtain

Documents the research needed and could not get, where they might be, and why.

No gaps recorded

Routes using this pair

Sources