Reduced US tariffs ‘remain a burden’ for Swiss economy

EY: 'Despite the reduction, US duties are holding back the Swiss economy' Keystone-SDA

The negative impact of US tariffs on the Swiss economy remains considerable despite a reduction in rates from 39% to 15%, according to consulting firm EY.

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According to an analysis published today by EY, gross domestic product (GDP) growth in 2026 is expected to be about 0.9 percentage points lower than it would be without the proposed customs barriers.

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And if there were no agreement between Bern and Washington, the decline would be 1.2%.

Concretely, EY forecasts a moderate GDP growth of about 0.6% in 2026, after an increase to 1.2% in 2025. The impact of US tariffs is expected to peak next year: in particular any additional sectoral tariffs on pharmaceuticals could further dampen growth.

“Current forecasts show a significantly changed economic picture,” said Daniel Gentsch, EY Switzerland chair. “The fluctuations throughout the year highlight how quickly external impulses are reflected in Swiss GDP. For 2026 we anticipate a phase in which the effects of customs duties will be clearly visible, before development can gradually stabilise,” he added.

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Translated from Italian by DeepL/mga

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