US Edition
Switzerland hit with 39% US tariff as deadline for trade deal passes
SWITZERLAND, AUG 1 – The 39% tariff targets Swiss pharmaceuticals, watches, and industrial goods, reflecting the US goal to reduce its $38 billion trade deficit with Switzerland, officials said.
- US President Donald Trump imposed a 39% tariff on Swiss imports effective August 7 after failing to finalize a trade deal by the August 1 deadline.
- The tariff follows months of negotiations that ended without agreement, centered on a $38.5 billion US trade deficit with Switzerland and concerns over currency manipulation.
- The tariff threatens key Swiss sectors, including pharmaceuticals dominated by Roche and Novartis, whose planned $50 billion US investments aim to offset trade tensions.
- Swiss President Karin Keller-Sutter described the 39% rate as unexpected and mentioned that they plan to assess the circumstances thoroughly in order to identify a suitable resolution.
- The tariffs may cause higher prices and decreased sales for Swiss goods in the US, while Swiss officials continue talks hoping to negotiate a less severe outcome.
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With the August 1st deadline looming, US President Trump has threatened Canada, Brazil, and Switzerland, among others, with sky-high import tariffs. And while China has more time to reach a trade deal with the US, it's far from certain that it will happen. After a long period of low concern, investors are now starting to get nervous.
·Amsterdam, Netherlands
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The good mood between the USA and Switzerland is over. 39 percent of the country is threatened with the highest rate of duty in Europe. This causes inconsistency. Because the USA is the country's most important trading partner.
·Hamburg, Germany
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Total News Sources81
Leaning Left17Leaning Right7Center16Last UpdatedBias Distribution43% Left
Bias Distribution
- 43% of the sources lean Left
43% Left
L 43%
C 40%
R 18%
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