Overview
- Preliminary data show Swiss GDP fell 0.5% in Q3, with officials citing steep U.S. tariffs that curbed exports, particularly in chemicals and pharmaceuticals.
- The framework announced Friday would reduce the U.S. levy on Swiss goods from 39% to 15% in exchange for major Swiss investment and expanded U.S.-based manufacturing.
- Economy Minister Guy Parmelin defended the accord as necessary relief and not a capitulation, while industry groups welcomed parity with EU competitors.
- Opposition figures, including the Greens, criticized the process and concessions, questioning corporate involvement and saying consumers and farmers could bear costs.
- Key details remain unsettled, including potential acceptance of controversial U.S. meat imports, and analysts warn a strong franc and possible pharma production moves to the U.S. could weigh on growth.