(13.08.2025) Swiss business leaders express growing mistrust toward U.S. trade policy. More than 70% of senior executives believe that the threat of tariffs and the resulting geopolitical tensions have weighed on the Swiss economy, according to the Swiss Manager Survey 2025, conducted in May.
The survey examines how Swiss executives are responding to global shifts in trade, not only from an economic perspective, but also in terms of power politics.
In the months preceding the survey, Swiss companies exporting goods or services to the United States recorded a decline in transatlantic sales of around 20%. Fewer than one in ten firms active in the U.S. market reported an increase in revenue.
Executives are now considerably more cautious in their assessment of the world’s largest economy. The perception of the United States has deteriorated among nearly two-thirds (64%) of respondents since 2023. Notably, nearly 60% of those surveyed reported no commercial activity in the U.S. at all.
Despite this rising mistrust, most SMEs surveyed (53%) remain opposed to retaliatory measures in the event of tariff introductions by Washington. Nonetheless, nearly one in four companies is considering abandoning software and cloud-based solutions provided by U.S. suppliers.
This trend is benefiting both the European Union and Southeast Asia. In 2025, nearly 40% of respondents reported a more favorable view of the single European market compared to 2023. The figure for Southeast Asia stands at 38%.
The report also notes a marked decline in the Swiss Manager Survey Business Climate Index, from 75 points in 2024 to 56.3 in 2025. Respondents expressed significant concern about the economic outlook in the months ahead. The "expectations" sub-index has dropped to 44 points in 2025, down from 70 the previous year.
Last modification 13.08.2025
