Swiss watch exports to US soar as time ticks on tariffs
GENEVA: A visitor walks past a large replica of a new Rolex land-dweller model watch displayed by Swiss watch designer and manufacturer Rolex, during the opening day of the 'Watches and Wonders Geneva' luxury watch fair.- AFP
ZURICH: Swiss watch exports to the United States soared last month as US President Donald Trump called time out on tariffs, industry figures showed on Tuesday. US-bound shipments soared by 149.2 percent in April compared to the same month a year ago, according to the Federation of the Swiss Watch industry. Trump imposed a 10 percent tariff on imports from around the world in early April but hit dozens of countries with steeper duties, with Swiss goods facing a 31 percent levy.
The US president, however, paused the higher tariffs until July to give time for negotiations. The surge in Swiss watch exports to the United States was "mainly the result of early shipments" as higher US tariffs loom, the federation said. "The sharp rise in exports is therefore more a reflection of a one-off response to an uncertain commercial situation than a genuine sign of a structural strengthening of demand," it added.
Global Swiss watch exports rose by 18.2 percent in April to 2.5 billion Swiss francs ($3 billion). Without the exceptional US shipments, overall exports would have fallen by 6.4 percent due to a slump in China and Hong Kong, the federation said. The United States is by far the main market for the Swiss watch industry, whose timepieces must be made domestically to earn the "made in Switzerland" label. Swiss President Karin Keller-Sutter held trade talks with US Treasury Secretary Scott Bessent in Geneva earlier this month. - AFP
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