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2d ago

Switzerland Strives to Avoid 39% U.S. Tariff as Deadline Looms

Assessing the levy’s threat to key export sectors, Swiss authorities are engaging the Trump administration in a final push for a bilateral deal

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The retailer, which sells Rolex and other Swiss timepieces in the UK and the US, bore the brunt of the latest tariff salvo.
A 3D-printed miniature model of U.S. President Donald Trump, the Switzerland flag and the word "Tariffs" are seen in this illustration taken July 23, 2025. REUTERS/Dado Ruvic/Illustration/ File Photo

Overview

  • On July 31, the White House announced a 39% ad valorem tariff on Swiss imports effective August 7 under President Trump’s broader global trade measures.
  • Switzerland’s Federal Council said it remains in contact with U.S. authorities and is striving for a negotiated solution to avert the punitive levy.
  • Swiss trade ministers, including President Karin Keller-Sutter and Economy Minister Guy Parmelin, visited Washington in early July but have not secured President Trump’s approval on a draft bilateral framework.
  • The levy threatens Switzerland’s export-driven economy by targeting its pharmaceutical, manufacturing and watchmaking industries, which accounted for 65 billion Swiss francs of exports to the United States in 2024.
  • Major Swiss firms such as Roche and Novartis have pledged $50 billion and $23 billion respectively in U.S. investments, with Barry Callebaut and ABB also announcing expansion plans.