Swiss Exports to US Slipped in Last Full Month of 39% Tariffs

(Bloomberg) — Switzerland’s exports to the US retreated in October amid ongoing volatility in their trade relationship before a deal last week to lower President Donald Trump’s 39% tariffs.

Foreign sales to America excluding gold, adjusted for seasonal swings, were 5.5% lower than in September, the country’s customs office said on Thursday. The total of Swiss shipments decreased by 0.3%.

Meanwhile imports from the world’s biggest economy rose 0.6%. That means the US trade deficit with the nation narrowed to 3.1 billion francs ($3.8 billion), from 3.3 billion francs the previous month.

Prospects for Swiss transatlantic trade are set to improve after an agreement on Friday to cut US tariffs to 15% in return for a $200 billion investment pledge. The accord roughly halves the expected hit to exports going to America, according to Bloomberg Economics.

The highest levies inflicted by the Trump administration on any developed nation were enough to hand Switzerland the first quarter of contraction in two years, with a 0.5% output drop coming in much worse than the slight dip economists had expected.

After the deal that was announced, economists lifted forecasts for future growth, and a snapback now looks feasible.

The accord with the US provides particular relief for Swiss manufacturers of watches, machines and precision instruments.

Along with food and chemicals producers, they were hit hardest by the 39% duty, according to Switzerland’s central bank. Other key exports like medicines and gold were and remain exempt from tariffs under the different regimes the US applies.

–With assistance from Kristian Siedenburg.

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