Switzerland’s Gold Export Surge Highlights Its US Trade Dilemma

Swiss gold exports to the US surged last month to the highest since March, underscoring the trade imbalance that prompted President Donald Trump to slap a 39% tariff on imports from the country.

Shipments of bullion from Switzerland, the world’s biggest gold-refining hub, to America jumped to almost 51 tons in July, from less than 0.3 tons the previous month. This year’s peak was recorded in January, when 193 tons of Swiss gold was shipped to the US.

Record bullion exports worth more than $36 billion made up more than two-thirds of the small European nation’s trade surplus with ...