Swiss stock market reacts calmly to tariff hammer

Specifically, the SMI is currently up 0.15 percent at 11.774 points. The broad SPI even rose by 0.33 percent.

The SMI had already shown itself to be little impressed by Trump's tariff hammer in recent days. It is currently trading only slightly below the level of last Thursday evening - the last trading day before the US president announced tariffs of 39% on Swiss imports.

According to experts, there are good reasons why there is no panic on the Swiss stock exchange. For example, pharmaceutical exports have so far been exempt from the tariffs. All service providers are not affected anyway, as the tariffs are only levied on goods. And the tariffs have not had a major impact on large Swiss industrial companies such as ABB either, as they produce all over the world and not just in Switzerland.

The hoped-for last-minute avoidance of the US punitive tariffs has nevertheless failed, according to traders. It therefore remains to be seen how long the market can hold up. The uncertainty is now continuing, which is negative for the economy and markets.

There is still a faint hope that a better "deal" could be struck at a later date, said one trader. However, the chances of a stronger recovery are currently rather slim.