Neutrality Got the Swiss Nowhere on Tariffs
This is obviously not an emerging-market-style crisis moment: Switzerland is one of the richest countries in the world, and Rolex watches are somewhat less price-sensitive than Volkswagen AG cars. The Swiss stock market, which quickly recovered early losses, is taking solace in the fact that 39% feels like a blustery prelude to more concessions and a handshake. Already, the Alpine country is scrambling to offer more goodies to an irate US administration. One might imagine more EU-style pledges are coming, such as buying more US energy.
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