Recently, Switzerland's trade surplus with the United States has sparked a discussion on international economic and trade policies. Interestingly, the composition of this surplus is quite different from common perceptions. Although Switzerland is renowned for manufacturing precision watches, luxury watches account for only about 30% of the trade surplus with the U.S. Surprising as it may be, about 70% of the surplus comes from gold exports.

However, this is not merely a gold trade. Switzerland mainly provides gold processing services for the United States, turning raw materials into standard 99.99% gold bars. The exposure of this fact has triggered a series of policy reflections. Initially, due to a lack of understanding of the situation, relevant parties considered imposing high tariffs on Switzerland. This news once drove gold prices up, with the market expecting it to possibly break through the $3500 barrier.

But as the truth gradually became clear, policymakers began to reassess the necessity of imposing high tariffs on Switzerland. The anticipation of this policy adjustment, in turn, affected the gold market, causing gold prices to fail to break through the expected high and instead retreat into a period of volatility.

This event highlights the importance of gaining a deep understanding of trade composition when formulating international trade policies. It not only affects bilateral relations but may also have far-reaching implications for the global commodity market. For decision-makers, accurately grasping the substance behind trade data will help in formulating more precise and effective economic policies.