The Trump administration has sharply increased tariffs on imports of Swiss goods—rising from 31% in April to 39% last week. This move took the Swiss government by surprise, as Switzerland has traditionally maintained a neutral stance in international relations.
Swiss President Karin Keller-Sutter urgently traveled to Washington in an attempt to reduce the tariff rate. However, talks ended unsuccessfully, with the US refusing concessions. The main reason cited by Washington is Switzerland's large trade surplus with the US—over $38 billion. America is demanding either increased purchases of US goods or readiness for higher tariffs.
The US is a key export market for Switzerland. Tens of thousands of jobs are at risk, particularly in watchmaking, machinery, chocolate, and cheese production. Business associations and the government are preparing urgent measures to mitigate the impact.
One possible solution could involve Switzerland agreeing to buy more US liquefied natural gas or military equipment in exchange for lower tariffs. A similar deal was recently struck between the EU and the US, but so far, the US administration has shown little willingness to compromise.
The trade tensions have emerged as an economic shock for Switzerland, which has never faced such issues with the US before. The government and business communities are seeking a workable agreement to prevent severe economic consequences.
