Swiss Industries on Edge: Tariffs Stir Economic Turbulence
Switzerland is in talks with the U.S. to reduce a 39% tariff impacting Swiss imports. Economists predict significant job losses in industries like watches and machinery. Key discussions are led by Helene Budliger Artieda, as businesses seek solutions amid rising costs and pressure to innovate.
Switzerland is actively negotiating with the United States to discuss potential reductions in the 39% tariffs imposed on its imports, according to the Swiss government. Economists have warned that such tariffs could result in significant job losses across various Swiss industries.
Leading the charge for negotiations is Helene Budliger Artieda, head of the State Secretariat for Economic Affairs (SECO). Despite a previous Swiss delegation to Washington, which included President Karin Keller-Sutter, failing to secure a reduction, discussions are ongoing. SECO refrained from detailing potential concessions offered by Switzerland.
Economist Hans Gersbach of the KOF Economic Institute has projected that job losses could range between 7,500 to 15,000, predominantly affecting sectors such as watches, machinery, and precision instruments. Meanwhile, Swiss companies are contemplating operational shifts to locations with lower tariffs and are focusing on innovation to cope with the mounting pressures.
(With inputs from agencies.)
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