Switzerland is continuing discussions with the United States about reducing potentially crippling import duties, its government said on Friday, as the country's gold industry warned exports of gold bars to the U.

The White House previously said they would issue an executive order clarifying tariff levels on the precious metal this week.

The U.S. won’t apply tariffs on imports of gold, President Trump posted on Monday, following a ruling from Customs and Border Protection that had made the precious metal subject to steep duties. “Gold will not be Tariffed!