Switzerland Holds Back on Counter-Tariffs Amid U.S. Trade Strain
Switzerland's federal council has decided against implementing tariff countermeasures after the U.S. imposed tariffs impacting 60% of Swiss exports. The Swiss government is prioritizing relief measures for affected businesses while pursuing negotiations with Washington to resolve the trade tensions.
- Country:
- Germany
In a strategic move, Switzerland's federal council announced it would not retaliate with tariff countermeasures after the U.S. imposed significant tariffs affecting close to 60% of Swiss exports. The decision was revealed on Thursday, amid concerns over the impact on Switzerland's export-reliant economy.
The Swiss government is instead choosing to focus on relief measures to support adversely affected businesses. This approach is designed to cushion the immediate economic impact while avoiding escalation in trade tensions.
Negotiations with Washington remain a priority, as the Swiss seek a diplomatic resolution to the ongoing trade issues. The federal council emphasized its commitment to resolving the situation through dialogue rather than reciprocal tariffs.
(With inputs from agencies.)
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