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The United States has long been Victorinox\u2019s most important market. <\/p>\n
Lea Meienberg\/The New York Times <\/p>\n
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In the vast Alpine factory where Swiss Army knives are made, workers fixed finely sharpened blades onto stainless steel plates. Corkscrews, mini-scissors and can openers were clicked into place. Sealed in a bright red case and stamped with a silver cross and shield, a \u201cMade in Switzerland\u201d icon was born.\n<\/p>\n
This content was published on <\/p>\n
September 22, 2025 – 15:02\n<\/p>\n
\n Liz Alderman, New York Times <\/p>\n
Carl Elsener Jr., the CEO of Victorinox, which makes the famed pocket tool, smiled at the craftwork and pointed proudly to a photo of former US President George H.W. Bush and his wife, Barbara, touring the factory during a visit in the late 1990s and assembling their own knives by hand.<\/p>\n
The United States has long been Victorinox\u2019s most important market, Elsener said, raising his voice above the din of machinery. But after President Donald Trump blindsided Switzerland last month by imposing a 39% import tariff, the highest for any Western country, the treasured ties were thrown into question.<\/p>\n
\u201cIt was a shock,\u201d said Elsener, who, like many Swiss executives, had anticipated an outcome more like that of the European Union, which negotiated a 15% tariff, or Britain, which was slapped with a basic tariff of 10%. \u201cNo one had expected such a drastic step,\u201d he added.<\/p>\n
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Carl Elsener Jr., CEO of Victorinox. <\/p>\n
Lea Meienberg\/The New York Times <\/p>\n
After decades of easy entry into America, a wall has gone up for the Swiss. If the tariffs stay in place, Victorinox will face a $13 million (CHF10.3 million) US import tax bill next year. After keeping US prices steady this year, Elsener may have to raise them. The company\u2019s professional kitchen knives suddenly cost more than those of European competitors. And US customs paperwork, once simple, is now a Kafkaesque ordeal.<\/p>\n
\u201cThe new tariffs are hitting Switzerland\u2019s export-oriented economy hard,\u201d said Jan Atteslander, a director at EconomieSuisse, the lobbying group for Swiss businesses. \u201cA swift agreement on reducing tariffs is essential.\u201d<\/p>\n
The shock has set off an unexpected identity crisis in this orderly nation. Companies like Victorinox are weighing whether they move some parts of their production to America and still retain their Swiss essence. Switzerland\u2019s principles of independence and neutrality are being tested, forcing a reevaluation of its relationship with the EU. Above all, the Swiss are left with a burning question: Why did this happen to us?<\/p>\n
\u2018Prepared for the worst\u2019<\/p>\n
Swiss officials are scrambling to placate Trump, who has singled out countries that he says treat Americans \u201cunfairly\u201d by exporting more goods to the United States than they buy; he has also railed against Switzerland\u2019s $39 billion trade surplus. Swiss Economics Minister Guy Parmelin rushed to Washington this month with what he called a \u201cbetter offer\u201d for a new trade deal. Jean-Fr\u00e9d\u00e9ric Dufour, head of Swiss luxury watchmaker Rolex, even invited Trump to the company\u2019s VIP box at the US Open men\u2019s finals in New York in a bid at soft diplomacy.<\/p>\n
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Trump tariffs: Swiss brands struggle to adapt to 39% tariff <\/p>\n
This content was published on <\/p>\n
Aug 18, 2025 <\/p>\n
Swiss brands like Victorinox, the manufacturer of the iconic pocket knife, are struggling to adapt to the 39% tariff imposed by the United States on imports of Swiss goods. <\/p>\n
<\/p>\n Read more: Trump tariffs: Swiss brands struggle to adapt to 39% tariff But like the Swiss Army knives he makes, Elsener, who is the fourth generation in his family to run the company, is staying pragmatic. \u201cI\u2019m hoping for the best, but I\u2019m also prepared for the worst,\u201d he said in an interview at Victorinox\u2019s headquarters in Ibach-Schwyz. It is a bucolic industrial region in central Switzerland ringed by pine-covered mountains and dotted with timbered houses, colorful church spires and the occasional herd of cows.<\/p>\n The term \u201cSwiss Army knife\u201d was coined after World War II by US soldiers who brought Victorinox\u2019s pocketknives back home. Their popularity skyrocketed among consumers, who used them to slice food at picnics or untie knots on muddy boots. The 1980s television series MacGyver, about an action hero who carried one everywhere, cemented its cult status.<\/p>\n Victorinox sells to 120 countries, but the US tariffs have put increasing pressure on the company. The Swiss franc, a haven in turbulent times, has surged against the dollar and the euro, pressuring its pricing and margins. When Trump began talking about tariffs after his inauguration in January, Elsner grew alarmed.<\/p>\n \u201cI immediately ordered our team to put full steam on production and fill up inventory in the United States,\u201d he said. Some of his US managers resisted, fearful of a huge backlog of Swiss Army knives. \u201cI told them, \u2018Just do it,\u2019\u201d he said. \u201cIf something dramatic happens, at least we will be prepared.\u201d<\/p>\n That foresight has allowed Victorinox to maintain prices despite Trump\u2019s surprise tariff. But the company is studying price increases for 2026 in case a deal to lower the tariff fails. It is also looking to new markets in Asia and India to bolster sales.<\/p>\n \u2018Tremendous bureaucracy\u2019<\/p>\n The hit is painful after decades of paying a low 4.5% tariff rate. Now, Victorinox\u2019s total import tax is nearly 44%. On top of that, the US dollar has slid an additional 12% against the Swiss franc since Trump took office, sending the cost of Swiss goods even higher.<\/p>\n \n More<\/p>\n More <\/p>\n Global trade\n <\/p>\n US tariffs putting 100,000 jobs at risk in Switzerland <\/p>\n This content was published on <\/p>\n Aug 16, 2025 <\/p>\n US tariffs of 39% on Swiss imports will directly affect 100,000 jobs, mainly in the watchmaking, machinery, metals, and food industries, economiesuisse warns. <\/p>\n
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