Swiss Exports to US Collapse as Shippers Wait for Tariff Deal

(Bloomberg) — Swiss exports to the US plunged for a second month as cross-border shippers wait for a trade deal to cushion tariffs proposed by President Donald Trump.

Foreign sales, adjusted for seasonal swings, declined 42% in May from April, the Swiss Office for Customs and Border Security said on Thursday. Imports from the world’s biggest economy increased 6.5%. That resulted in a trade surplus of just 2 billion francs ($2.4 billion) — the narrowest gap in almost five years.

The data come after March had seen the exports surge to the highest level on record as traders front-loaded shipments before Trump’s ‘Liberation Day’ in early April. The increase was so strong that it boosted the growth of Switzerland’s economy to the fastest pace in two years.

The government is negotiating a trade agreement with the US and has signed off on a plan that sketches a compromise around cutting tariffs for agricultural goods Switzerland doesn’t produce in a significant way. Economy Minister Guy Parmelin has said that he hopes to clinch an agreement by early July. 

The Swiss were initially hit with 31% tariffs before Trump announced the suspension of many of his global levies to a uniform 10% for a 90-day period through July 9. According to Swiss officials, there’s an understanding that as long as talks are ongoing, surcharges will stay at that lower level — even after that deadline. The US hasn’t confirmed this.

Switzerland’s total trade numbers also saw a sharp drop in exports and an uptick in imports, bringing its overall surplus to 2 billion francs. 

“There was a broad-based decline in exports, extending across 9 of 11 product groups,” the customs office said in a statement. “However, the chemical-pharmaceutical sector was primarily responsible for the extent of the decline.”

–With assistance from Kristian Siedenburg.

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