Roundup: U.S. tariffs place "substantial strain" on Switzerland's export-oriented economy
The decision was made following the trip of a Swiss delegation to the United States from Tuesday to Wednesday, led by President Karin Keller-Sutter and Vice President Guy Parmelin, the Federal Council said in a statement.
The 39 percent tariff rate, announced by U.S. President Donald Trump on July 31, was one of the highest globally and also higher than the 31 percent rate threatened by Trump in early April.
Nearly 60 percent of Swiss exports to the U.S. are subject to the new tariffs, which are "particularly steep" compared with other U.S. trading partners such as the European Union and Britain, the statement said, adding that it is not considering tariff countermeasures for fear of "additional costs on the economy."
According to Swiss customs data, the U.S. has been Switzerland's biggest export market since 2021, with Swiss exports to the United States accounted for 18.6 percent of the country's total exports in 2024.
The U.S. also stood as the top market for major Swiss industries including chemicals and pharmaceuticals, watchmaking and precision instruments in 2024.
The new tariffs have triggered backlash and concerns across the country.
Zurich-based Swissmem, an association for Switzerland's mechanical and electrical engineering (MEM) industries, said on Thursday that the "horror scenario" has become a reality, calling for urgent measures from the government.
It noted that if the tariffs remain in place, Swiss tech exports to the U.S. will be brought to a standstill.
In an earlier statement, it also said the tariffs will hit the economy hard and endanger tens of thousands of jobs in the country.
Meanwhile, other industry organizations have slammed the U.S. tariffs as "dangerous" and "unjustified."
Economiesuisse, an umbrella organization for the Swiss business sector, said that there is "neither justification nor any understandable reason" why Switzerland should be subject to one of the highest tariff rates in the world.
The tariffs represent a "very serious burden" for Swiss export businesses, it noted.
The Swiss government has earlier expressed "great regret" that the U.S. intends to impose unilateral additional tariffs despite the progress made in bilateral talks.
It noted that the tariff rate announced by Trump differs "significantly" from the draft joint statement approved by the Swiss authorities on July 4 following talks over the past months.
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