Swiss watch exports to the US more than double in rush to beat Trump's tariffs
Swiss watch exports to the US more than doubled last month as the clock ticked down on Donald Trump's threatened tariffs.
Shipments to America rose 149 per cent to £762million as exporters rushed to dodge higher import taxes ahead of last month's introduction, the Federation of the Swiss Watch Industry says.
Trump hit Swiss imports with a 10 per cent levy in April and has also threatened a 31 per cent increase if a trade deal is not reached soon.
Excluding exports to the US, the total number of watches shipped from Switzerland fell by 5.7 per cent in April.
Products sent to Hong Kong – the second largest market – plunged 9.2 per cent to £118.2million.
Prestigious Swiss watch brands include LVMH-owned Omega, Rolex and Cartier – which is controlled by Richemont.
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