Latest news with #HeleneBudligerArtieda
Fashion Network
4 days ago
- Business
- Fashion Network
Switzerland says tariff talks with US continue, gold industry concerned about bullion trade
Switzerland is continuing discussions with the US about reducing potentially crippling import duties, its government said on Friday, as the country's gold industry warned exports of gold bars to the US could be severely impacted by a 39% tariff. The tariff talks in Washington are being led by Helene Budliger Artieda, head of the State Secretariat for Economic Affairs (SECO), and come after the import levy- among the highest of any applied under President Donald Trump 's global trade reset- took effect on Thursday. A last-ditch Swiss trip led by President Karin Keller-Sutter failed to produce a better deal. "Discussions with the United States are ongoing," SECO said in a statement to Reuters on Friday. "The discussions have consistently focused on reducing the additional US tariffs." SECO said it would give no further details on the talks, which could include further concessions Switzerland may offer the US in return for lower tariffs. No discussions were scheduled for Friday, although they are due to continue next week on a technical level, a Swiss source said, without giving further details. The Swiss precious metals association on Friday said it was concerned about an increase in tariffs on gold exports to the US to 39%. Gold bars of 1 kg and 100 oz were previously exempt from US tariffs, but country-specific tariffs may now apply. Switzerland is the world's largest gold refining centre, with up to 70% of gold produced annually worldwide melted down and processed at the five refineries in the country. The country imports gold bars and resizes them for the US market. Switzerland exported gold bars worth 7.86 billion Swiss francs ($9.7 billion) to the US last year, according to customs data. "We are particularly concerned about the implications of the tariffs for the gold industry and the physical exchange of gold with the US, a long-standing and historical partner for Switzerland," said Christoph Wild, president of the Swiss Association of Manufacturers and Traders in Precious Metals. "With a tariff of 39%, exports of gold bars will definitely be stopped to the US," Wild told Reuters. Economist Hans Gersbach, from the KOF Economic Institute at ETH, a university in Zurich, estimated that 7,500 to 15,000 jobs could be lost in Switzerland as a result of the US tariffs. "The effect will be severe in some industries like watches, machinery and precision instruments," Gersbach said. "If pharma was also targeted, the figure would be higher," he added, although no figure has yet been calculated. Switzerland's giant pharmaceuticals sector, which includes Roche and Novartis, made up half of Swiss exports to the US last year, and has not been included in the US tariffs. Business association Economiesuisse held a seminar earlier this week to help companies navigate the tariff turmoil. Companies were very concerned, but were focused on trying to find solutions, said Economiesuisse board member Jan Atteslander. "We still have difficulties understanding this friendly fire, but we are working on ways to cope with it," Atteslander said. US importers would increase their prices for Swiss products to deal with the tariff impact, Atteslander said, which could lead to lower sales, while profit margins would also be cut. Companies were speaking with their US customers as well as examining shifting their production from Switzerland to Europe or Britain, which have lower tariffs on US-bound products. The crisis is the latest shock to hit Swiss companies, which have long battled an appreciating Swiss franc, which makes its products more expensive abroad, said Atteslander. "Our companies are always under heavy pressure, so the only way to survive is to innovate," he said.
Yahoo
4 days ago
- Business
- Yahoo
Switzerland says tariff talks with US continue, gold industry concerned about bullion trade
By John Revill ZURICH (Reuters) -Switzerland is continuing discussions with the United States about reducing potentially crippling import duties, its government said on Friday, as the country's gold industry warned exports of gold bars to the U.S. could be severely impacted by a 39% tariff. The tariff talks in Washington are being led by Helene Budliger Artieda, head of the State Secretariat for Economic Affairs (SECO), and come after the import levy - among the highest of any applied under President Donald Trump's global trade reset - took effect on Thursday. A last-ditch Swiss trip led by President Karin Keller-Sutter failed to produce a better deal. "Discussions with the United States are ongoing," SECO said in a statement to Reuters on Friday. "The discussions have consistently focused on reducing the additional U.S. tariffs." SECO said it would give no further details on the talks, which could include further concessions Switzerland may offer the U.S. in return for lower tariffs. No discussions were scheduled for Friday, although they are due to continue next week on a technical level, a Swiss source said, without giving further details. The Swiss precious metals association on Friday said it was concerned about an increase in tariffs on gold exports to the United States to 39%. Gold bars of 1 kg and 100 oz were previously exempt from U.S. tariffs, but country-specific tariffs may now apply. Switzerland is the world's largest gold refining centre, with up to 70% of gold produced annually worldwide melted down and processed at the five refineries in the country. The country imports gold bars and resizes them for the U.S. market. Switzerland exported gold bars worth 7.86 billion Swiss francs ($9.7 billion) to the U.S. last year, according to customs data. "We are particularly concerned about the implications of the tariffs for the gold industry and the physical exchange of gold with the U.S., a long-standing and historical partner for Switzerland," said Christoph Wild, president of the Swiss Association of Manufacturers and Traders in Precious Metals. "With a tariff of 39%, exports of gold bars will definitely be stopped to the U.S.," Wild told Reuters. Economist Hans Gersbach, from the KOF Economic Institute at ETH, a university in Zurich, estimated that 7,500 to 15,000 jobs could be lost in Switzerland as a result of the U.S. tariffs. "The effect will be severe in some industries like watches, machinery and precision instruments," Gersbach said. "If pharma was also targeted, the figure would be higher," he added, although no figure has yet been calculated. Switzerland's giant pharmaceuticals sector, which includes Roche and Novartis, made up half of Swiss exports to the U.S. last year, and has not been included in the U.S. tariffs. Business association economiesuisse held a seminar earlier this week to help companies navigate the tariff turmoil. Companies were very concerned, but were focused on trying to find solutions, said economiesuisse board member Jan Atteslander. "We still have difficulties understanding this friendly fire, but we are working on ways to cope with it," Atteslander said. U.S. importers would increase their prices for Swiss products to deal with the tariff impact, Atteslander said, which could lead to lower sales, while profit margins would also be cut. Companies were speaking with their U.S. customers as well as examining shifting their production from Switzerland to Europe or Britain, which have lower tariffs on U.S.-bound products. The crisis is the latest shock to hit Swiss companies, which have long battled an appreciating Swiss franc, which makes its products more expensive abroad, said Atteslander. "Our companies are always under heavy pressure, so the only way to survive is to innovate," he said. ($1 = 0.8071 Swiss francs) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
4 days ago
- Business
- Reuters
Switzerland says tariff talks with US continue, gold industry concerned about bullion trade
ZURICH, Aug 8 (Reuters) - Switzerland is continuing discussions with the United States about reducing potentially crippling import duties, its government said on Friday, as the country's gold industry warned exports of gold bars to the U.S. could be severely impacted by a 39% tariff. The tariff talks in Washington are being led by Helene Budliger Artieda, head of the State Secretariat for Economic Affairs (SECO), and come after the import levy - among the highest of any applied under President Donald Trump's global trade reset - took effect on Thursday. A last-ditch Swiss trip led by President Karin Keller-Sutter failed to produce a better deal. "Discussions with the United States are ongoing," SECO said in a statement to Reuters on Friday. "The discussions have consistently focused on reducing the additional U.S. tariffs." SECO said it would give no further details on the talks, which could include further concessions Switzerland may offer the U.S. in return for lower tariffs. No discussions were scheduled for Friday, although they are due to continue next week on a technical level, a Swiss source said, without giving further details. The Swiss precious metals association on Friday said it was concerned about an increase in tariffs on gold exports to the United States to 39%. Gold bars of 1 kg and 100 oz were previously exempt from U.S. tariffs, but country-specific tariffs may now apply. Switzerland is the world's largest gold refining centre, with up to 70% of gold produced annually worldwide melted down and processed at the five refineries in the country. The country imports gold bars and resizes them for the U.S. market. Switzerland exported gold bars worth 7.86 billion Swiss francs ($9.7 billion) to the U.S. last year, according to customs data. "We are particularly concerned about the implications of the tariffs for the gold industry and the physical exchange of gold with the U.S., a long-standing and historical partner for Switzerland," said Christoph Wild, president of the Swiss Association of Manufacturers and Traders in Precious Metals. "With a tariff of 39%, exports of gold bars will definitely be stopped to the U.S.," Wild told Reuters. Economist Hans Gersbach, from the KOF Economic Institute at ETH, a university in Zurich, estimated that 7,500 to 15,000 jobs could be lost in Switzerland as a result of the U.S. tariffs. "The effect will be severe in some industries like watches, machinery and precision instruments," Gersbach said. "If pharma was also targeted, the figure would be higher," he added, although no figure has yet been calculated. Switzerland's giant pharmaceuticals sector, which includes Roche (ROG.S), opens new tab and Novartis (NOVN.S), opens new tab, made up half of Swiss exports to the U.S. last year, and has not been included in the U.S. tariffs. Business association economiesuisse held a seminar earlier this week to help companies navigate the tariff turmoil. Companies were very concerned, but were focused on trying to find solutions, said economiesuisse board member Jan Atteslander. "We still have difficulties understanding this friendly fire, but we are working on ways to cope with it," Atteslander said. U.S. importers would increase their prices for Swiss products to deal with the tariff impact, Atteslander said, which could lead to lower sales, while profit margins would also be cut. Companies were speaking with their U.S. customers as well as examining shifting their production from Switzerland to Europe or Britain, which have lower tariffs on U.S.-bound products. The crisis is the latest shock to hit Swiss companies, which have long battled an appreciating Swiss franc, which makes its products more expensive abroad, said Atteslander. "Our companies are always under heavy pressure, so the only way to survive is to innovate," he said. ($1 = 0.8071 Swiss francs)
RTÉ News
4 days ago
- Business
- RTÉ News
Tariff talks continue, as job losses loom in Switzerland
Switzerland is continuing discussions with the United States about reducing tariffs, its government said on Friday, as economists warned some industries would suffer "severe" job losses from the 39% tariff imposed by the US on Swiss imports. The talks in Washington are being led by Helene Budliger Artieda, head of the State Secretariat for Economic Affairs (SECO), and come after the import levy - among the highest of any applied under President Donald Trump's global trade reset - took effect on Thursday. A last-ditch effort by a Swiss delegation to Washington, which included President Karin Keller-Sutter, had failed to produce a better deal. "Discussions with the United States are ongoing," SECO said in a statement to Reuters on Friday. "The discussions have consistently focused on reducing the additional US tariffs." SECO said it would give no further details on the talks, which could include further concessions Switzerland may offer the US in return for lower tariffs. Economist Hans Gersbach, from the KOF Economic Institute at ETH, a university in Zurich, estimated that 7,500 to 15,000 jobs could be lost in Switzerland as a result of the US tariffs. "The effect will be severe in some industries like watches, machinery and precision instruments," Gersbach said. "If pharma was also targeted, the figure would be higher," he added, although no figure has yet been calculated. Switzerland's giant pharmaceuticals sector, which includes Roche and Novartis, made up half of Swiss exports to the US last year, and has not been included in the US tariffs. Business association economie suisse held a seminar earlier this week to help companies navigate the tariff turmoil. Companies were very concerned, but were focused on trying to find solutions, said economie suisse board member Jan Atteslander. "We still have difficulties understanding this friendly fire, but we are working on ways to cope with it," Atteslander said. US importers would increase their prices for Swiss products to deal with the tariff impact, Atteslander said, which could lead to lower sales, while profit margins would also be cut. Companies were speaking with their US customers as well as examining shifting their production from Switzerland to Europe or Britain, which have lower tariffs on US-bound products. The crisis is the latest shock to hit Swiss companies, which have long battled an appreciating Swiss franc, which makes its products more expensive abroad, said Atteslander. "We will cope with it, it's a pressure we are used to," he said. "Our companies are always under heavy pressure, so the only way to survive is to innovate."
Time of India
11-06-2025
- Business
- Time of India
'Cutting red tape in India key to Swiss investments': Helene Budliger Artieda
Bern: A good regulatory framework and cut in red tape in India is important to attract Swiss investments, Switzerland's state secretary for economic affairs Helene Budliger Artieda has said. She also ruled out any impact of the withdrawal of most favoured nation treatment for India by Switzerland under the bilateral tax treaty on investment flows under the trade agreement with European Free Trade Association (EFTA). "We need to have the best framework conditions (for the $100 billion commitment on investment) and this was part of the business roundtable meeting in the presence of minister Goyal. It will be important that red tape be cut as much as possible," she said. Even in Switzerland, companies complain about too much red tape, she added. "It will be very important that India creates a good framework for Swiss investments to come in," she told reporters after her meeting with commerce and industry minister Piyush Goyal on Tuesday. Live Events India and the EFTA, which includes Switzerland, Norway, Iceland and Liechtenstein, signed a free trade agreement on March 10, 2024, which is expected to come into force in a few months. It provides for an investment commitment of $100 billion in 15 years from the grouping in lieu of customs duty concessions. Goyal is on a four-day visit to Switzerland and Sweden. On the issue of the Swiss government suspending the MFN clause in the Double Taxation Avoidance Agreement (DTAA) between India and Switzerland, Artieda said there has been some misunderstanding on this. "I think it's important to know that both India and Switzerland share a double taxation treaty and that treaty is valid and that means there will not be any issue," she said. In a statement in December 2024, the Swiss government announced the suspension of the MFN clause in the DTAA between India and Switzerland, potentially impacting Swiss investments in India and leading to higher taxes on Indian companies operating in the European nation. She noted that the trade agreement will help increase exports of Swiss watches and chocolates to India as companies will have the advantage of preferred access. New Delhi is also in talks with the European Union for a comprehensive free trade agreement. (The correspondent is in Switzerland at the invitation of the ministry of commerce and industry.)
