Switzerland Struggles with Trump's 'Insanely High' Tariffs
Switzerland is grappling with a 39% import tariff imposed by the U.S. on Swiss goods, which threatens significant economic impact. Swiss President Karin Keller-Sutter is continuing negotiations despite failed attempts to reduce the levy, which does not cover pharmaceutical exports. Industry leaders fear the tariffs will severely damage export businesses.
Switzerland faces a daunting economic challenge as the U.S. imposes a steep 39% import tariff on Swiss goods, a move confirmed by Swiss President Karin Keller-Sutter on Thursday. The tariff took effect after negotiations with the U.S. failed to yield a more favorable outcome.
The tariff threatens to severely impact Switzerland's export-driven economy, affecting industries ranging from high-end watches to cheeses. Pharmaceuticals, sectors not impacted by the new tariff rate, remain Switzerland's largest export to the U.S., valued at $35 billion last year.
Despite the setback, Swiss officials remain determined to continue discussions, hoping to negotiate a more favorable rate. Industry leaders have expressed alarm over the potential economic damage, urging for persistent diplomatic efforts to protect the country's vital export markets.
(With inputs from agencies.)
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