Half of companies affected Swiss economy sounds the alarm after customs hammer

US President Donald Trump's new tariffs are affecting a large part of the Swiss export industry: according to a survey by the umbrella organization Economiesuisse, the tariffs are having a negative impact on around half of companies.

Keystone-SDA

09.04.2025, 09:10

SDA

Just under a fifth of the companies surveyed were very negatively affected and 30 percent very negatively affected, Economiesuisse announced on Wednesday. On the other hand, just under a quarter of companies reported that the new tariffs would not affect them negatively at all.

The USA announced new tariffs last week. Since Saturday, April 5, a basic tariff of 10 percent has applied to all imports into the USA.

In addition, country-specific import duties will be levied from (today's) Wednesday. "Swiss exports to the USA will now be subject to an excessively high tariff rate of 31 percent," writes the umbrella organization.

"Considerable uncertainty"

The announced US tariffs would hit the Swiss export industry hard. "They create considerable uncertainty and worsen the competitiveness of Swiss companies," it says. This comes at a time when export prospects in other important sales markets are already gloomy.

94 companies and industry associations took part in the non-representative survey. It was conducted on April 3 and 4.

Fears of a drop in demand

The US market is an important sales market for many Swiss companies. It has become increasingly important for companies in recent years because other markets such as the EU or China have been weakening for some time.

Half of the sectors and companies surveyed expect a decline in demand from both consumers and business customers due to the high US tariffs on Swiss products. Various companies are also indirectly affected by the US tariffs, for example as suppliers for export companies, writes Economiesuisse.

Almost a third also fear a global economic downturn due to the tariffs, which would result in a general decline in demand. Companies also anticipate problems in supply chains and competitive advantages for competitors from countries with lower tariffs. They also fear tariff increases in other countries.

Hardly any cushioning measures yet

Despite these concerns, around 80 percent of the companies surveyed have not yet planned or initiated any mitigation measures in the short term. However, they would clarify how they could mitigate US tariffs in the medium to long term.

On the one hand, they are discussing the possibility of switching to other countries with lower tariffs. On the other hand, contract adjustments are being examined in order to pass on the tariff costs to US importers. Companies are also clarifying the extent to which they should seek greater diversification into other sales markets.

However, the companies surveyed emphasized that short-term adjustments would be difficult. Many companies are therefore still hoping that their products will remain or can be exempted from US tariffs, they say.

Federal Council should negotiate away tariffs

The Federal Council should now make every effort to reduce the high tariffs through diplomatic channels, the companies and industry associations demanded. "Switzerland has the best economic arguments on its side. For example, it is the sixth most important foreign investor in the USA and even leads this ranking in research and development," writes Economiesuisse.

"At the same time, however, homework must also be done at home. Every effort must be made to strengthen Switzerland's attractiveness as a business location," it says, adding that unnecessary regulations and additional financial burdens must be avoided. According to the umbrella organization, there should also be measures to ease the burden on companies.