It's the USA's first "real" World Championship gold since 1933. The USA won Olympic Games gold in 1960, which at the time also counted as a World Championship win.
Thompson decided with a shot in the left cross behind goalkeeper Leandro Genoni after just 2.02 of overtime.
The victory ceremony honored star Johnny Gaudreau, who was killed by a drunk driver along with his brother Matthew last August. When American team captain Clayton Keller received the trophy along with teammates, they held up a national team jersey with Gaudreau's name in front of the trophy.
Switzerland reached their fourth World Championship final in twelve years – the fifth overall – and has lost them all.
After a goalless first period, the USA got a golden opportunity for a leading goal when the team was awarded a penalty shot after Frank Nazar was fouled by Michael Fora in a breakaway.
Nazar was ready to take the penalty shot, but was substituted out at the last minute. He tried to deceive goalkeeper Genoni, who was alert and not fooled.
Switzerland won the group stage meeting against the USA with 3-0, and Genoni continued to thwart the Americans.
But it was a final that was tight and locked, and the really big chances were few.
In the third period, it was all about safety play and discipline, and the longer the match went, the more nervous it became for the many Swiss supporters in the stands.
After three Swiss final losses in the last twelve years – two times against Sweden and most recently last year against the Czech Republic – the red-white supporters' crowd hoped to finally celebrate.
But it didn't happen – not this time either.