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2025-09-18 14:19:36
[Swiss exports to the US plummet in the first month of US tariffs] The first round of data since the 39% US tariff came into effect shows that this highest tariff rate among developed countries has dealt a heavy blow to Swiss exports. Swiss customs data on Thursday showed that after seasonal adjustment, exports to the United States in August fell 22% from July, while imports from the country remained stable. This narrowed the US trade deficit with Switzerland from 2.93 billion francs in July to 2.06 billion francs (about US$2.6 billion), the second lowest level since 2020. This goods trade deficit was the trigger for US President Trump to announce on August 1 (effective on August 8) the imposition of tariffs on Switzerland. Overall, Swiss exports have been limited by the impact of trade with the United States. The increase in exports to European countries such as France, Austria, Poland, as well as Canada and Mexico, effectively offset the impact of the decline in exports to the United States, resulting in a month-on-month decrease in total exports of only 1%. Exports of goods affected by US tariffs have declined significantly. Compared with July, Swiss watch exports fell 8.6%, and exports of pharmaceuticals, which are currently exempt from tariffs, also decreased by 1.3%.
