Swiss Industries Face Turbulence Amid Trump's High Tariff Wall
Swiss manufacturers are facing potential job losses due to U.S. President Donald Trump's imposition of a 39% tariff on Swiss exports, more than double the rate for EU imports. The new tariffs threaten Swiss industries, including watchmaking and chocolate exports, while pharmaceutical exports remain unaffected for now.
Swiss manufacturers are sounding the alarm over the potential loss of tens of thousands of jobs after U.S. President Donald Trump imposed a hefty 39% tariff, part of a global trade reset. Swiss officials, expressing disappointment, must now decide how to navigate these challenges as they seek negotiations with the U.S.
The tariff presents a significant hurdle for Switzerland, which is heavily reliant on exports to the U.S., particularly watches, jewellery, and chocolates. The White House justified the move by accusing Switzerland of not making sufficient trade concessions. As of now, the pharmaceutical industry, a major Swiss export, remains unaffected by the tariffs.
The U.S. is a crucial market for Swiss luxury watches, and industry figures are concerned about the impact of the new tariff, set to take effect on August 7. While Switzerland grapples with weak growth prospects, discussions with U.S. representatives continue, with hopes for a resolution akin to EU's dealings.
(With inputs from agencies.)
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