From hope to 39 percent Customs shock on the federal holiday - How Switzerland fell into Trump's trap
Switzerland hoped for an agreement until the very end - now punitive tariffs of 39% are coming. A look back at a diplomatic rollercoaster ride over the past few months.
01.08.2025, 14:35
SDA
The imposition of an additional 39% tariff on imports from Switzerland by US President Donald Trump has taken an unexpected turn in a winding story. For months, the Federal Council tried to find a solution - and believed it had a good hand. In July, the federal government was still "hopeful". But it was unable to avert the customs hammer.
A chronology of events.
Early 2025: Trump becomes president
January 20: At his inauguration, Trump announces tariffs against other countries. According to his own statement, he wants to relieve the burden on his own citizens. "Huge amounts of money will flow into our coffers from foreign sources," he says in his inaugural speech after being sworn in at the US Capitol. He would immediately begin to overhaul the trade system "to protect American workers and families".
January 23: In a video address at the World Economic Forum (WEF) in Davos, Trump calls on companies to produce in the USA: "America is back and open for business," he says. "If you don't make your product in America, which is your right, then you will simply have to pay a tariff." This could vary in amount, but will ultimately strengthen the US economy.
February: Swiss economy expresses concern
February 1: Trump declares several national emergencies with regard to the smuggling of fentanyl into the USA and imposes tariffs of 25 percent on imports from Canada and Mexico and 10 percent on imports from China by decree. The tariffs on most goods from Canada and Mexico are subsequently lifted again. Trump increases those against China to 20 percent on March 4.
February 3: Swiss business associations express their concern. Stefan Brupbacher, Director of the Swiss Tech Industry Association (Swissmem), warns of the negative impact of US tariffs on Switzerland - and the United States itself. "The tariffs are unsettling, which is poison for the global economy," he tells Blick. The tariffs will make many things more expensive, especially in the USA. If the US economy falters, this would also have consequences for Switzerland. At the same time, the business associations see some trump cards in Switzerland's hand: Switzerland has abolished all industrial tariffs and is an important investor in the USA.
March: What next with Trump?
March 2: In Switzerland, the US customs policy sparks a domestic debate about the right response. In an interview with the "NZZ am Sonntag", the SP party leadership speaks out against a free trade agreement with the USA. In view of the 25% tariffs threatened by the USA on EU products, this is not the time to talk about free trade with the USA, says Co-President Mattea Meyer. The Director of the State Secretariat for Economic Affairs (Seco), Helene Budliger Artieda, had previously spoken out in favor of such negotiations.
March 9: The US government places Switzerland on a list of countries with "unfair trade practices".
11 March: The USA imposes tariffs of 25 percent on all imports of steel and aluminum into the USA. Economists at the BAK Economics forecasting institute lower their predictions for Swiss economic growth.
March 18: Seco head Helene Budliger Artieda meets US President Donald Trump's trade representative Jamieson Greer in Washington. The Swiss delegation subsequently announces that it has been able to refute the accusation of unfair trade practices.
April: First tariffs follow
April 2: Trump imposes tariffs on imports from almost all countries. They are to come into force on April 9. The US President speaks of a "day of liberation". For Switzerland, the rate is 31%, which is significantly higher than the 20% surcharge on imports from the European Union to the USA.
April 3: The parties disagree on Switzerland's reaction to Trump's announcement. The SP believes that Switzerland must now "take a stand in close coordination with the EU". The Greens write that the Federal Council must defend fundamental rights and the economy against the "authoritarian encroachments" of the USA. For the time being, the conservatives are relying on negotiations with Washington.
April 5: President Karin Keller-Sutter says in an interview with the French-speaking Swiss newspapers "La Liberté", "ArcInfo" and "Le Nouvelliste" that we should not become alarmist after Trump's announcement. The situation must now be clarified at the negotiating table.
April 7: Federal Councillor Guy Parmelin holds an initial video call with US Trade Representative Jamieson Greer.
April 9: Keller-Sutter speaks with Trump on the phone. They agreed to continue the talks in order to find solutions in the interests of both countries, she writes afterwards on the X platform. A few hours after the phone call, Trump suspends the additional tariffs against almost all countries for 90 days.
April 25: Following a meeting on the margins of the IMF and World Bank Annual Meetings, Keller-Sutter explains that Switzerland is one of a group of 15 countries with which the US wants to find a swift solution to the tariff issue. At the meeting with US Treasury Secretary Scott Bessent, it was agreed to draw up a joint declaration of intent that would hopefully quickly lead to a negotiating mandate, explained the President of the Swiss Confederation.
May: Keller-Sutter and Parmelin meet US leaders
9 May: Keller-Sutter and Parmelin express confidence following a meeting with US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer in Geneva. The USA had promised to further accelerate the negotiation process. However, Switzerland is not yet completely out of the woods, Keller-Sutter concedes.
10 May: Also in Geneva, Scott Bessent explained that Swiss companies wanted to make new investments of CHF 150 to 200 billion in the United States.
May 28: The Federal Council adopts a draft negotiating mandate. A few days later, the Foreign Affairs Committees of both chambers agree to it.
June/July: Then things move very quickly
June 25: The Federal Council instructs the Department of Finance and the Department of Economic Affairs to continue negotiations with the USA. The primary aim is to agree a joint declaration of intent with Washington as quickly as possible.
July 4: A few days before the deadline for tariff negotiations, Trump announces that he will inform other countries by letter in the coming days which tariffs will apply to them in future. In the days that followed, Trump did indeed send out several such letters. None of the letters are addressed to Switzerland.
July 8: Federal Councillor Albert Rösti confirms on the fringes of a media trip to Moléson in the canton of Fribourg that the Federal Council has taken note of the negotiations with Trump's administration. The national government is "hopeful". He did not disclose the content or details of the corresponding declaration of intent. "Now we are waiting for the approval of the Trump administration, i.e. from Trump himself," says Rösti in a video interview with the Keystone-SDA news agency. He continues: "Now we have to wait and see whether Trump agrees."
July/August: The shock
July 31: Keller-Sutter announces on X that Trump does not agree with the memorandum of understanding negotiated by his subordinates. Before the article is published, the President of the Swiss Confederation calls Trump again.
August 1: The tariffs on imports from Switzerland to the USA are not lower, but higher than announced in April: The White House mentions Switzerland on a list of US tariffs at 39 percent. The tariffs are due to come into force on August 7.
