Switzerland, the "discriminated" country of Europe - Domestic exports at risk from Trump's high tariffs
Switzerland is preparing a “more attractive offer” in trade negotiations with the US to avoid a 39% tariff on its exports. After an emergency meeting, the Federal Council confirmed its determination to continue talks with Washington, even after the August 7 deadline set by President Trump.
The sudden US decision has alarmed Swiss industry. Trade organisations warn that thousands of jobs could be lost as around 60% of exports to the US, including medicines, watches, machinery and chocolate, risk being hit by high tariffs.
According to economists, a 39% tariff could reduce Swiss GDP by 0.3%–0.6%, while the inclusion of the pharmaceutical sector could increase the contraction to over 0.7%. The long-term impacts could reduce Gross Domestic Product by more than 1%.
Washington justifies the decision with the argument that Switzerland has not made significant concessions to remove trade barriers, calling the current relationship "one-sided."
Swiss officials and economists expressed surprise, noting that bilateral trade has quadrupled in the past 20 years and Switzerland is the sixth-largest foreign investor in the U.S. They also unilaterally eliminated all tariffs on industrial goods from January 1, 2024, allowing over 99% of American products to enter duty-free.
Trump blames the current regime for a trade deficit estimated at $1.2 trillion (1.04 trillion euros). According to official data, Switzerland recorded a trade surplus with the US of 41.2 billion euros last year.
Denouncing the decision as unfair, Swiss officials are demanding equal treatment with the European Union, with a surplus of 204 billion euros, or other countries such as Japan or South Korea, which managed to negotiate maximum tariffs of 15%.
The government hinted that it is open to reviewing the offer, discussing the possibility of purchasing liquefied natural gas from the United States and increasing Swiss investment in the American market.
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