Authorities raid Swiss trader in probe linked to Russian gold

Authorities raid Swiss trader in probe linked to Russian gold

In a strategic move to reduce the impact of U.S. tariffs on Swiss imports, the Swiss gold industry is proposing to build a refinery in the United States or increase its processing capacity there. This initiative is aimed at addressing the 39% tariffs imposed by President Trump on Swiss imports last month .

The proposal comes from Christoph Wild, president of the Swiss precious metals association ASFCMP, who suggested the industry should explore ways to reduce the country's trade deficit with the U.S. . This move follows a broader trend of countries adjusting their trade policies in response to Trump's tariffs.

Meanwhile, Mexico has taken a different approach by increasing tariffs on automobiles and other goods from China and other Asian countries to 50%. The Mexican Economy Ministry announced the tariffs on textiles, steel, cars, and other goods, affecting $52 billion in imports . This decision has been seen as a move to appease President Trump.

In another significant development, the U.S. Supreme Court has agreed to quickly review a high-stakes legal challenge to Trump's tariffs, setting up a resolution as early as this fall. The court put the case on track for oral arguments in early November . This legal battle could have far-reaching implications for U.S. trade policy and the economy.

The U.S. Treasury Secretary, Scott Bessent, has warned that the U.S. would have to refund around "half" the tariff revenue it has collected if the Supreme Court rules the president overstepped his authority. This decision could lead to a significant financial burden on the U.S. government .

Furthermore, Trump has suggested that the U.S. may have to "unwind" existing trade deals with the European Union, Japan, and South Korea if the Supreme Court doesn't uphold his tariffs. These potential changes could significantly impact global trade dynamics .

As the policy reverberates around the world, investors and financial professionals should closely monitor these developments. The outcome of the legal challenge and the adjustments in trade policies could have significant implications for the global economy.