US EditionSwitzerland hit with 39% US tariff as deadline for trade deal passes
SWITZERLAND, AUG 1 – The 39% tariff targets Swiss pharmaceuticals, watches, and industrial goods, reflecting the US goal to reduce its $38 billion trade deficit with Switzerland, officials said.
- US President Donald Trump imposed a 39% tariff on Swiss imports effective August 7 after failing to finalize a trade deal by the August 1 deadline.
- The tariff follows months of negotiations that ended without agreement, centered on a $38.5 billion US trade deficit with Switzerland and concerns over currency manipulation.
- The tariff threatens key Swiss sectors, including pharmaceuticals dominated by Roche and Novartis, whose planned $50 billion US investments aim to offset trade tensions.
- Swiss President Karin Keller-Sutter described the 39% rate as unexpected and mentioned that they plan to assess the circumstances thoroughly in order to identify a suitable resolution.
- The tariffs may cause higher prices and decreased sales for Swiss goods in the US, while Swiss officials continue talks hoping to negotiate a less severe outcome.
91 Articles
91 Articles
The Government of Switzerland, the European country to which the Trump administration has imposed the highest tariff in its new decree, 39%, has expressed its “deep regret.” This has been expressed by the Executive’s Finance Spokesman, Pascal Hollenstein, who nevertheless hopes that negotiations will continue with Washington to try to reduce it. Bern’s refusal to bow to the demands of the US government has resulted in the tax being fixed, for th…
In Switzerland, the 39 percent duty announced by US President Trump has caused incomprehension.
With the August 1st deadline looming, US President Trump has threatened Canada, Brazil, and Switzerland, among others, with sky-high import tariffs. And while China has more time to reach a trade deal with the US, it's far from certain that it will happen. After a long period of low concern, investors are now starting to get nervous.
Coverage Details
Bias Distribution
- 40% of the sources lean Left, 40% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
