The first casualty of the imposition of a hefty 39-percent tariff on Swiss imports into the United States may be gold refining after it emerged certain gold bars would face the levy. Gold bars produced in the Belgian city Antwerp face the 15-percent tariff applied to the European Union when imported into the United States.

Switzerland is in talks with the U.S. to lower a 39% tariff on gold exports, a move threatening its gold industry. The Swiss government continues discussions to mitigate the impact. Job losses are feared,