In a weekend move that has rattled global markets, U.S. President Donald Trump declared an increase in temporary tariffs from 10% to 15% on imports across the board. The decision has amplified global uncertainty and weakened investor confidence, according to the Swiss industry association, Swissmem.
Switzerland faced the highest U.S. tariffs in Europe, with a previous 39% import duty in August. However, November saw a breakthrough agreement with the U.S. that reduced these levies to 15%, aligning with the rate for the European Union. Ongoing discussions aim to formalize this reduction.
Swissmem urged the Swiss government to expedite a finalized deal with Washington to stabilize legal frameworks, criticizing the tariff hikes. They noted the hikes could inflate pricing for U.S. customers, though tariffs for Swiss competitors might be similarly affected.
(With inputs from agencies.)