The tariffs announced by the US government vary by trading partner based on their respective trade deficits. According to the announcement, all Swiss goods exports will be subject to tariffs of 31 or 32 per cent when imported into the USA. This means that Switzerland is facing particularly high additional tariffs compared to other US trading partners with a similar economic structure (EU: 20%, UK: 10%, Japan: 24%). The calculations of the US government are not clear to the Federal Council. In its upcoming discussions with the US authorities, the Federal Council will seek to dispel any misunderstandings and work towards a solution.
Swiss exports are expected to be subject to additional tariffs of 10% from 5 April and a further 21% from 9 April. These tariffs will affect key exports such as machinery, watches and agricultural goods (coffee capsules, energy drinks, cheese, chocolate). No additional tariffs are currently planned for exports from the pharmaceutical industry, although separate decisions are expected in this regard.
Economic risks
In its forecast of 18 March, the Expert Group on Business Cycles expected below-average growth for the Swiss economy in 2025 and 2026. The tariffs announced by the US government on 2 April increase the likelihood of a weaker economic performance than forecast in March. This is not only due to the tariffs on Swiss exports, but also because of the expected impact on global economic developments.
The Federal Council has instructed SECO to analyse the effects of the tariffs in depth, closely monitor further developments and propose suitable measures depending on the extent to which Switzerland is affected.
Affected companies should contact the relevant US authorities directly for binding information on the structure and application of customs duties (US Customs and Border Protection, www.cbp.gov/trade). Companies are also advised to contact importers and customs brokers in the USA as well as trade associations. As usual, Swiss export companies can also contact S-GE's ExportHelp.
Switzerland-USA trade policy to date
As a medium-sized economy that is heavily dependent on trade, Switzerland is committed to open markets, stable framework conditions and legal certainty. The USA is Switzerland's second most important trading partner after the EU. Bilateral trade in goods and services has developed dynamically in recent years. The bilateral trade balance is relatively balanced, with the USA showing a surplus in service exports and Switzerland in goods exports.
Switzerland's goods export surplus is not due to ‘unfair' trade practices. Switzerland abolished all industrial tariffs as of 1 January 2024. This means that 99 per cent of all goods from the USA can be imported into Switzerland duty-free. Switzerland does not provide market-distorting industrial subsidies. The goods trade surplus is mainly attributable to exports from the chemical and pharmaceutical industry and the gold trade. The USA is the largest recipient of Swiss direct investment.
Switzerland and the USA are close economic partners. Bilateral trade has quadrupled over the last twenty years. Switzerland ranks sixth among foreign investors in the USA and first for investments in research and development. It has specialised in the chemical-pharmaceutical industry for decades and invests heavily in research and development in the USA. The Federal Council wants to maintain the dynamic bilateral economic relationship and remains committed to open markets.
An increase in trade tensions is not in Switzerland's interests. Countermeasures against US tariff increases would entail costs for the Swiss economy, in particular by making imports from the USA more expensive. The Federal Council is therefore not planning to impose any countermeasures at the present time.
In line with its foreign policy and foreign economic policy strategies, the Federal Council will continue to encourage diversified trade relations with all international partners.
Address for enquiries
GS-EAER Communication Service
info@gs-wbf.admin.ch
+41 58 462 20 07
