Swiss Gold Industry Pushes Back on Swatch Boss’s Call for US Gold Export Tax

​Switzerland’s gold heavyweights aren’t exactly polishing up the welcome mat for Swatch CEO Nick Hayek’s latest big idea. Hayek has called for a 39% export tax on gold headed to the United States—his counterpunch to President Donald Trump’s new tariffs on Swiss goods. The gold industry’s response? A polite but firm, “Let’s think this through.”

Last week, Trump dropped a tariff bomb: a hefty 39% on imported Swiss products, rattling an Alpine nation that also happens to be one of the world’s top gold refining and trading hubs. Initially, U.S. officials hinted that the most common gold bullion bars might be next on the hit list—but Trump later clarified that gold itself would be spared. Hayek, however, sees an opening. “Now is the time to go on the offensive,” he told Swiss daily Blick. “Gold is his Achilles’ heel.”

The plan sounds bold, but not everyone’s on board. The Swiss Association of Manufacturers and Traders in Precious Metals (ASFCMP) warned that such a move could backfire—hard. “An export tax on Swiss gold destined for the USA would not only harm Switzerland economically, but also damage the reputation of a country that has consistently promoted and defended free trade,” said ASFCMP president Christoph Wild.

The Swiss Economy Ministry is staying diplomatic, noting that business input is always appreciated, while keeping mum on whether they’d back Hayek’s strategy. Trump, for his part, insists the 39% tariff is justified because of Switzerland’s sizable trade surplus—much of it thanks to gold exports.

Hayek argues that even if the move doesn’t force Trump’s hand, it could shrink America’s trade deficit with Switzerland. “If the Americans no longer import gold bars via Switzerland, we’ll at least improve the trade balance,” he said.

​For now, the Swiss government is still talking with U.S. officials, trying to dial down those tariffs. Whether Hayek’s gold gambit gets traction—or is left in the vault—remains to be seen.