Switzerland has shocked the US ColleM in Switzerland: 39 percent on Swiss imports has ordered US President Donald Trump.
“The prosperity of everyone is in danger,” warns the Tech Industry Industry Association, Swissmem. The tariffs pay the importers and US consumers, but “Made in Switzerland” becomes so expensive that orders should collapse, the economy is afraid. The United States is the most important export market in Switzerland in front of Germany, with almost 19 percent share in the entire export.
The Economiesuisse industrial association warns of company bankruptcies. Swissmem director Stefan Brupbacher sees tens of thousands of positions in danger. Also because competitors from the EU "only" with 15 percent US tariffs.
“If the customs difference remains, that would certainly bring an impulse to Germany,” says Hans Gersbach, co-director of the economic stimulus research center (KOF) of the University of ETH in Zurich, the German Press Agency. He calls the sectors mechanical engineering, medical devices, precision instruments and pharmaceutical. In addition, there could be relocation of production to Germany. At the same time, German suppliers in Switzerland would be negatively affected. This will therefore hardly be significant overall economy.
The KOF expects 39 percent tariffs with a decline in Swiss gross domestic product from 0.3 to 0.6 percent. If the pharmaceutical industry, which has been excluded so far, would be at least 0.7 percent. The Swiss President Karin Keller-Sutter traveled head over head to Washington to try to avert the worst. Who is most affected in Switzerland:
The watch industry
Swiss watches are very popular with the rich in the USA: Rolex, Breitling, Tag Heuer – such and similar brands have already been seen on wrists by Donald Trump and other billionaires in his cabinet. No country go to as many Swiss watches as in the USA: pieces worth 4.3 billion francs were in 2024, followed by China with CHF 2 billion. The US share of watch exports is 16.8 percent.
Chrystel Graf, President of State Council of the Canton of Neuchâtel, speaks of one "Leg". Your canton is considered the cradle of Swiss watchmaking with the locations of La-Chaux-de-Fonds and Le Locle, he has produced brands such as Omega, Longines, Tissot and Audemars Piguet.
Problem gold
Gold export to the USA has increased massively, possibly in response to the uncertainty of the markets and geopolitics, because the precious metal is considered a safe haven for assets. According to the Federal Office of Customs and border security, 475 tons went to the USA in the first half of the year, and after 153 tons over the past year. From January to June, this accounted for CHF 39.2 billion, value of 54 percent of exports to the United States. The gold is practically melted in Switzerland, without great added value.
Problem currency
The US dollar has been weakening since Trump’s taking office. The Swiss franc is also considered a safe harbor and increases significantly, around 14 percent since January. This makes exports more expensive. Trump is desired by Trump: “With a weaker dollar you earn a lot of more money,” he said recently.
Problem deficit calculation
Trump speaks of a massive trade deficit towards Switzerland. It comes to around CHF 39 billion. "Absurd"said the Swiss President. Trump only looks at the exchange of goods. Almost CHF 65 billion Swiss exports faced almost CHF 26 billion in 2024. In the service sector, however, the United States is clearly ahead. The deficit is a total of around $ 20 billion.