Swiss Exports to US Rebounded in September, Defying 39% Tariff
(Bloomberg) — Switzerland’s exports to the US rebounded in September, suggesting demand for its goods is so far withstanding the impact of President Donald Trump’s outsized tariffs.
Foreign sales to America excluding gold, adjusted for seasonal swings, were 43% higher in September than in August, the country’s customs office said on Tuesday. The total of Swiss shipments rose by 3.4%.
Meanwhile imports from the world’s biggest economy rose 5.5%. That means that the US trade deficit with the nation widened to 3.3 billion francs ($4.2 billion), from 2.06 billion francs the previous month. That’s the most since April and above the average of the past five years, according to Bloomberg calculations based on historic data.
The numbers are the first to showcase Switzerland’s trade flows in a full month since the US president imposed tariffs of 39% in early August, offering a glimpse of how the levies are impacting the economy. While the government in Bern cited those measures as the reason for a cut to its growth forecast for next year, the rebound suggests resilience of bilateral trade. Economists still expect a contraction of Swiss output — adjusted for large sports events — in the third quarter.
Trump’s tariffs are the highest imposed on any advanced economy, affecting signature Swiss goods from chocolate to machinery and watches. Foreign sales of timepieces fell again in September, primarily because of a 55% plunge in exports to the US.
The US president has also announced levies on medicines, another key shipment for the country. Their sales – including from industry giants Novartis AG and Roche Holding AG — increased by 8.6% compared to August, to 9.8 billion francs.
Swiss gold exports rose 37% to almost 144 tons in September, with those to the US recovering after they almost came to a standstill in the previous month.
The government continues to pursue talks with Washington to secure a lower tariff, though its prospects of success are shrouded in doubt. While Commerce Secretary Howard Lutnick said last month that the US will “probably get a deal done with Switzerland,” there’s been little hint of progress since then.
The talks are forcing the Swiss into a tough balancing, especially on the domestically sensitive issue of agriculture. The nation’s powerful farmers’ lobby has outright rejected most ideas to permit more American imports of rival goods. Most voters also reckon the government has been too friendly to the US, according to a recent poll.
The executive has said it made an improved offer to the US, but hasn’t given details. Part of that would involve investments in America’s gold industry, including Swiss refiners moving elements of their work stateside, according to people familiar with the matter.
–With assistance from Kristian Siedenburg.
(Updates with watches and gold exports starting in fifth paragraph.)
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