Swiss Exports to US Hit Record in 2025, Defying Trump Levies

(Bloomberg) — Switzerland exported a record amount of goods to the US in 2025, defying a period when President Donald Trump inflicted some of his highest tariffs on the country.

Swiss shipments worth 54.7 billion francs ($71.5 billion) — excluding gold — went to the world’s biggest economy last year, a 3.9% increase from 2024, according to data the Swiss customs office published on Thursday. With imports down 5.7% that resulted in an overall surplus of 41.4 billion francs — the biggest ever.

From August to November, the US levied a 39% tariff on many Swiss exports after a call between Trump and his then-counterpart Karin Keller-Sutter went awry. Addressing the issue last week at the World Economic Forum, the US president acknowledged that she “just rubbed me the wrong way.”

Still, the issue was resolved in late 2025, with a framework deal reducing the surcharge to 15% — in exchange for a $200 billion investment pledge of Swiss companies, easier market access for American fish, seafood and nuts as well as duty-free quotas for certain meats. A legally binding agreement is still pending.

People familiar with the matter told Bloomberg last week that the first formal round of negotiations for such a pact will take place early next month in the Swiss capital Bern, with talks aimed to finish by the end of March. The US has threatened to reconsider its concessions if no final deal has been reached by then.

Also speaking in Davos, Treasury Secretary Scott Bessent said that he expects negotiations with new Swiss President Guy Parmelin will result in a “trade deal that is fair for the American people and ensures continued prosperity in Switzerland.”

The US is the top destination for Swiss goods, with almost 20% of foreign shipments going there. Overall numbers for 2025 showed that Switzerland’s total exports also hit a record — thanks to pharma and chemicals. Machinery and electronic shipments retreated, as did watches.

Those goods were among the hardest hit by Trump’s tariffs. After the levies were reduced, Swiss watch exports to the US soared by more than 19% in December as brands rushed to send inventory to America.

Gold shipments to the US also rose on the month, increasing to 5.8 tons in December from 0.2 tons. Overall gold exports were 139 tons.

–With assistance from Kristian Siedenburg.

(Updates with Swiss watch and gold exports starting in penultimate paragraph.)

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