Swiss Industries Stunned by U.S. Tariff Hike
Swiss manufacturers face a major economic upheaval as President Trump's tariff hike puts tens of thousands of Swiss jobs at risk. The new 39% tariff rate, a significant increase from the EU's 15%, targets Switzerland's exports, excluding the pharmaceutical sector, which still faces potential future levies.
Swiss manufacturers are alarmed as an increase in U.S. tariffs threatens thousands of jobs. President Trump imposed a 39% tariff on Swiss exports, doubling the rate for most EU imports. The Swiss government expressed its disappointment and deliberating its next steps.
The tariff, described as "incomprehensible" by officials, is a significant blow to Switzerland, whose key U.S. market includes watches, jewellery, and chocolates. The White House justified the move by citing Switzerland's reluctance to reduce trade barriers, urging fairer trade terms.
While pharmaceutical exports remain unaffected temporarily, a looming risk of separate levies persists. The Swiss export economy is on edge, anticipating a possible resolution similar to the EU agreement, as negotiations continue.
(With inputs from agencies.)
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