Swiss-US Trade Turmoil: Heavy Tariffs Threaten Economic Recession

The Swiss government is gearing up to revise its trade offer to the United States following President Donald Trump's announcement of a steep 39% tariff on Swiss imports. Business Minister Guy Parmelin expressed concerns that these duties could plunge Switzerland into a recession, placing thousands of jobs at risk.

Confronted with one of the highest tariffs in Trump's global trade overhaul, Swiss industry leaders warned of significant economic repercussions. Switzerland's cabinet is slated to convene for a special session to formulate a strategic response before the tariffs come into effect on August 7.

Eager to forestall economic turmoil, Switzerland considers increasing LNG imports from the U.S. and boosting investments in its largest export market. Meanwhile, Swiss officials stand ready to engage in face-to-face negotiations in Washington to reach an amicable resolution.

(With inputs from agencies.)