US tariffs affect canton Zurich less than other locations

US tariffs affect canton Zurich less than other locations Keystone / Gaetan Bally

The Zurich cantonal government is monitoring the developments surrounding the US tariffs "with concern". Compared to other locations, however, Zurich should get off lightly, it says.

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Goods exports worth around CHF2 billion ($2.4 billion) are affected by the impending US tariffs, said Carmen Walker Späh, director of economic affairs, during the cantonal parliament debate on Monday. This represents 13% of Zurich’s total goods exports.

The machinery and metal industries are particularly affected, she said. More than half of the affected exports relate to the electronics, optics, mechanical engineering and electronic equipment sectors.

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Because services, which account for 87% of Zurich’s exports to the US, are not expected to be subject to a 31% duty, Zurich will get off relatively lightly. “Zurich benefits from the fact that its economy is diversified,” Walker Späh said.

What’s more, the US is not Zurich’s most important trading partner – the EU is. Some 57% of Zurich’s goods exports go to Europe.

Nevertheless, the cantonal government is concerned. If demand in the EU falls, this will have consequences, it said, adding that there is a risk of a recession, which would naturally also have an impact on Zurich.

At the beginning of April, US President Donald Trump announced that he would impose additional tariffs of 31% on imports from Switzerland. The measure came into force on April 9. A short time later, however, Trump suspended the tariff increases for 90 days for all countries with the exception of China. However, a flat-rate additional tariff of 10% continues to apply, including for Switzerland.

Translated from German by DeepL/ts

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