The hopes for a deal were not justified - Swiss President Karin Keller-Sutter was never able to negotiate better trade conditions for her country, although she went specifically to Washington for this purpose, where she met with Foreign Minister Marco Rubio. The media even write that FIFA chief Gianni Infantino was also involved in reaching a deal - the Swiss, who currently has the best contacts with the American president.
But Donald Trump was not appeased, and so from today, Swiss goods are subject to a 39 percent tariff on imports into the US - the highest for a European country. The request for them was made at the end of July, after a phone call between Trump and President Keller-Sutter also remained fruitless, recalls the German "Handelsblatt".
Risk of bankruptcies: "Swiss welfare is under threat"
Switzerland fears that Trump's tariffs could lead to serious economic problems. "Swiss welfare is under threat", warned the Swiss Technology Industry Association. The tariffs will be paid by importers and American consumers, but the "Made in Switzerland" brand will become so expensive that orders may simply dry up, the fears say. The US is the most important market for Swiss exports with a share of almost 19%, according to "Handelsblatt".
The industrial union Economiesuisse is warning of the risk of company bankruptcies - tens of thousands of jobs are believed to be at risk. Not least because EU competition will be subject to tariffs of "only" 15 percent.
What will happen to Swiss watches and machines?
Swiss watches are in great demand among wealthy Americans: Rolex, Breitling, Tag Heuer - these and other similar brands adorn the wrists of Donald Trump and other billionaires in his cabinet, the German publication notes and estimates that no other country sells so many Swiss watches: in 2024, sales in the US were worth 4.3 billion francs.
In addition, the Swiss are the market leaders with their precision machines and parts for them. Here too, however, they may be left in the background, since the competition will be able to provide cheaper supplies due to tariffs.
"Spiegel" writes in this regard that in their desperation the Swiss have been discussing all sorts of ideas in recent days to win Trump's favor: for example, importing beef from the US (although they have enough), ordering 100 instead of 36 fighter jets (although the flight over the country's airspace only lasts a few minutes). Economy Minister Guy Parmelin even mentioned importing liquefied gas from the US - although Switzerland has neither such ports nor such needs. The proposal to move the FIFA headquarters from Zurich to Miami was also raised...
And chocolate and cheese?
Chocolate and cheese producers in Switzerland also fear a collapse in exports. Their worries are that they will no longer be competitive on the American market. From "Gruyère" cheese For example, as much as 13 percent of production is exported overseas - over 4,300 tons last year alone, reports "Handelsblatt".
Large companies such as Lindt and Nestle are more relaxed - because they produce in the US for the American market. For Nestle, for example, this is over 90 percent of production.
Why 39 percent?
Looking for the answer to the question of why Trump is imposing a tariff of exactly 39 percent on Switzerland, and not, for example, 38 or 41, some experts estimate that the volume of the trade deficit between Switzerland and the US is about 39 billion francs. But President Keller-Sutter points out that the deficit is not that large at all, because Trump is only referring to the exchange of goods - Swiss exports of 65 billion francs against 26 billion imports from the US for 2024. However, in the field of services, the US is much ahead, which is why the deficit amounts to about $ 20 billion.
As nTV notes, with the rate that has come into force, Switzerland is among the countries with the highest tariffs imposed by the US - Syria (41 percent), Myanmar and Laos (40 percent each). Switzerland also turns out to be a real exception in Europe, after the UK negotiated a rate of 10 percent for most of its exports, and the EU - 15 percent. Norway, for example, another European country outside the EU, also has a rate of 15 percent.
70 countries under the blows of US tariffs from today
As of today, new US tariffs are in effect for 70 countries around the world. The rates range from 10 to 50 percent, with imports from the EU, including cars, being taxed at 15 percent. The same applies to most products from Japan and South Korea. Brazil is among the hardest hit - with a 50 percent tariff due to the criminal prosecution of former president and Trump friend Jair Bolsonaro. Goods from India are subject to equally high tariffs - because the country buys Russian oil and thus supports Russia's war against Ukraine.
Tariffs on Canadian goods will ultimately be 35 percent - here Trump's argument is the lack of cooperation in the fight against drug trafficking. The other US neighbor - Mexico - is currently receiving a 90-day reprieve. Negotiations are also still underway with China.