Swiss business lobby group fears tariff escalation

Economiesuisse calls for the prevention of further escalation Keystone-SDA

The Swiss business federation, economiesuisse, has called on the federal government to prevent further escalation following the announcement of United States tariffs on imported Swiss goods.

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There are no comprehensible reasons for the tariffs from an economic perspective, according to the business lobby group.

The escalation in trade policy represents a “serious burden” for the Swiss export industry, economiesuisse wrote in a statement published on the social media platform X.

The new US tariffs would not only make Swiss exports more expensive, but also weaken the competitiveness of companies and adversely affect the investment climate.

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This is happening at a time when export prospects in other sales markets have already deteriorated, the association wrote. The US is still Switzerland’s most important export market, ahead of Germany.

The lobby group called on the Federal Council to quickly find solutions at the negotiating table with the US government.

Switzerland has good economic arguments on its side, economiesuisse wrote. “Switzerland’s import tariffs are already significantly lower overall than those of the US,” the statement said. If services as well as goods were taken into account, the result would be “roughly balanced trade” between Switzerland and the US.

+ Swiss economy facing ‘downside risks’

Trump sees a trade deficit

US President Donald Trump announced a huge tariff package on Wednesday evening. In the Rose Garden of the White House, Trump said that many countries would be subject to higher penalties depending on their trade deficit. In principle, this means that the US will raise its tariffs proportionately wherever the US government says it currently charges less than its trading partners

Trump announced tariffs of 31% on Swiss exports. The tariffs are a reaction to the 61% tariffs that Switzerland imposes on US products, Trump said.

Switzerland examines options

The Federal Council “takes note” of the US decisions, wrote President Karin Keller-Sutter in an initial reaction to X. The Federal Council will quickly determine the next steps. The country’s long-term economic interests take centre stage. “Adherence to international law and free trade remain core values,” Keller-Sutter added.

Since returning to the White House, Trump has favoured tariffs – similar to his first term in office. Among other things, he has already imposed punitive duties on all aluminium and steel imports and imposed tariffs of 25% on imported cars and car parts.

The goods affected by these previously announced tariffs, as well as pharmaceuticals, are not affected by the latest announcements, according to the US government’s order.

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Translated from German with DeepL/mga

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