Ticker on the customs dispute Secret talks in Bern - Federal Council meets with pharmaceutical bosses

From August 7, the USA will impose a punitive tariff of 39 percent on Swiss exports - more than almost any other country. The Federal Council speaks of a heavy burden, the economy is sounding the alarm.

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Thursday, August 14, 10.59 a.m.

Secret talks between the Federal Council and pharmaceutical bosses

Against the backdrop of the US tariffs of 39 percent on imports from Switzerland, Federal Councillor Elisabeth Baume-Schneider and Federal Councillor Guy Parmelin held talks with representatives of the pharmaceutical industry in Bern on Thursday. The specific content of the talks remained confidential.

The pharmaceutical industry was represented by Roche Chairman Severin Schwan and Patrick Horber, President of the International Business Unit of Novartis. As the Federal Department of Home Affairs (FDHA) informed Baume-Schneider, they discussed their assessments of the current situation in the pharmaceutical sector due to the tariffs. "The content of the discussions is confidential," it added.

In September, Baume-Schneider and Guy Parmelin, the head of the Federal Department of Economic Affairs, Education and Research, will hold a round table with the pharmaceutical industry.

Preparations for this are reportedly underway. In general, Thursday's meeting is part of a whole series of contacts between the departments and the pharmaceutical industry at all levels, wrote the FDHA.

sMonday, August 11, 2025, 4.30 a.m.

Bessent: USA expects customs deals "by the end of October"

According to media reports, the US wants to conclude trade talks with affected countries largely by the end of October. This is what US Treasury Secretary Scott Bessent told the Japanese newspaper "Nikkei", as "Blick" initially wrote online. Bessent did not explicitly mention Switzerland in the Nikkei article. Switzerland will be included as a key partner in the trade talks, wrote "Blick", referring to statements made by Bessent. He also told "Nikkei" that US import tariffs would "probably" fall if trade deficits improved. "Over time, the tariffs should be a melting ice cube," "Nikkei" quoted the US Treasury Secretary as saying.

Bessent says tariffs 'should melt' if trade rebalances https://t.co/4CnPJbB6XL

— Nikkei Asia (@NikkeiAsia) August 10, 2025

Sunday, August 10, 2025, 1.16 pm

Pharmaceutical giants are currently not planning any job cuts

According to the pharmaceutical company Roche, the additional investments in the USA will not lead to job cuts in Switzerland. The number of employees is expected to remain stable overall in the current year.

"With our recently announced investment of 50 billion US dollars in the USA, we are reaffirming our commitment to the healthcare system and patients in this region," the company told the Keystone-SDA news agency in response to an inquiry.

At this stage, Roche does not foresee any impact of the investment on employees in Switzerland and other countries, it said. "We have invested billions of Swiss francs in our activities in Switzerland and Europe and will continue to do so."

Roche's statement was in response to a report in the "NZZ am Sonntag" newspaper on the announced expansion of production capacities in the USA by the Group and its competitor Novartis.

According to the article, Novartis intends to produce 100 percent of its most important medicines entirely in the USA in future. According to the "NZZ am Sonntag", Novartis also emphasizes that the investments in the USA will have no impact on production sites outside America.

9.21 pm

Bloomberg: Gold will not be subject to tariffs after all

All the fuss about tariffs on gold imports into the US may have been in vain. The Trump administration has indicated that it will issue a new directive to clarify that imports of gold bullion should not be subject to tariffs.

This suggestion came after the US government surprised traders with its decision that they should be subject to tariffs. This was reported by the Bloomberg news agency on Friday evening Swiss time.

The White House intends to issue an executive order in the near future to clarify what one official described as misinformation about tariffs on gold and other specialty products, according to the article. An official reportedly made the plans public Friday on condition of anonymity.

6:41 p.m.

US customs hammer also hits gold bars from Switzerland

While the status of negotiations between Switzerland and the USA remained unclear on Friday, Washington dealt Bern the next blow in the customs dispute. Gold bars will now also be subject to a 39 percent tariff.

Until now, it was assumed that precious metals remelted by Swiss refineries and exported to the USA could be imported duty-free. However, this is now not the case for important units, as the "Financial Times" wrote on Friday.

The US customs authorities informed Swiss refineries in a ruling letter dated July 31 that 1-kilogram bars and 100-ounce bars must be classified and imported under a customs tariff number subject to a 39 percent duty. The industry had previously assumed that these bars would be classified under a code exempt from customs duties.

5.51 p.m.

US parliamentarians discuss tariffs with Swiss colleagues

US tariffs were also discussed at a meeting of Swiss and US parliamentarians in Geneva on Friday. The regular exchange of parliamentarians takes place twice a year.

"We talked about tariffs, of course, but also about many other things," FDP National Councillor Laurent Wehrli from Vaud told the Keystone-SDA news agency after the meeting.

There were 28 members of the US House of Representatives present, far more parliamentarians than from Switzerland, including 20 Republicans and eight Democrats. None of them are considered to be particularly close to President Donald Trump.

Republican MP Greg Murphy from North Carolina took to social media to express his hope that the trade situation with Switzerland would be resolved quickly. He said the Swiss had always been important partners when it came to medicines or foreign policy.

2.15 p.m.

National Councillors and US representatives hold secret meeting

A discreet meeting between members of the Swiss-US Parliamentary Association and the Swiss Friendship Group in the US Congress will take place at noon on Friday at the five-star Intercontinental Hotel in Geneva. As Blick reports, around 28 members of the House of Representatives are taking part on the American side - 20 Republicans and eight Democrats. The Swiss delegation includes National Councillor Damien Cottier (FDP/NE) as President of the Association as well as Simon Michel (FDP/SO), Laurent Wehrli (FDP/VD) and Fabian Molina (SP/ZH).

Officially, the meeting serves to maintain the long-standing contacts between the two parliamentary groups, which have existed since 2003 and, according to the Federal Department of Foreign Affairs, meet at least once a year. What exactly is on the agenda remains unclear. When asked by Blick, Cottier merely said: "I have nothing to say." According to the newspaper, the exchange should last around two hours.

12.26 p.m.

Pilatus stops aircraft deliveries to the USA

The Nidwalden-based aircraft manufacturer Pilatus is reacting to the massive US tariffs: with immediate effect, no more aircraft will be delivered to the United States. The company intends to serve this important market locally in future.

After Trump's tariff hammerPilatus stops aircraft deliveries to the USA

6.15 a.m.

Report: USA imposes tariffs on gold bars

The USA has imposed tariffs on imports of one-kilo gold bars, reports the Financial Times (FT). The move could deal a further blow to Switzerland - the world's largest refinery location - and cause the global gold market to falter, writes the British business newspaper.

The US customs authority Customs and Border Protection (CBP) declared in a so-called "ruling letter" dated July 31 that one-kilo and 100-ounce gold bars fall under a customs tariff code for which duties must be paid. The letter is available to the Financial Times. The US government uses such ruling letters to clarify its trade policy.

The CBP's decision clearly contradicts previous industry expectations that these gold bars should fall under a different tariff number, which is exempt from nationwide tariffs under President Trump.

One-kilo bars are the most traded form on Comex, the world's largest futures market for gold, and account for the majority of Swiss gold exports to the US. Gold is one of Switzerland's most important export goods to the USA.

The tariff decision has "dealt a further blow" to the gold trade between Switzerland and the USA, the FT quoted Christoph Wild, President of the Swiss Association of Precious Metals Producers and Traders. The new gold tariffs would make it difficult to meet demand for the yellow metal.

Friday, August 8, 2025, 4.30 a.m.

Tamedia: Switzerland plans strategic initiative

According to Tamedia, Switzerland is planning a strategic initiative to reduce the US trade deficit. The focus would be on investments in the double-digit billion range - for example, the expansion of Roche production facilities for a new sales preparation in the USA and a partial relocation of research. The Swiss government also wants to import US liquefied natural gas and oil, invest more in US armaments and push ahead with purchases of Boeing aircraft by Swiss. According to the report, Stadler Rail is also planning investments - but nothing is set in stone. According to insiders in Washington, the package has been received positively.

18.55

Federal Council sticks to strategy in US customs dispute

The Federal Council is striving for a regulated relationship with the USA as an important trading partner, "but not at any price", as President Karin Keller-Sutter told the media in Bern on Thursday. The national government will continue to negotiate in order to achieve an improvement within a reasonable period of time. Counter-tariffs are not an issue.

Keller-Sutter had convened an extraordinary meeting of the full Federal Council on Thursday afternoon. The topic was the 39 percent additional tariffs imposed by the USA. Afterwards, the President of the Swiss Confederation appeared before the media with Economics Minister Guy Parmelin.

Switzerland's extended offer to settle the dispute had been presented to the government in Washington. However, Keller-Sutter said she could not speak publicly about the content of the offer. She only said that the Federal Council was acting within the negotiating mandate.

The offer would allow Switzerland to continue the negotiations. The head of the State Secretariat for Economic Affairs (Seco), Helene Budliger Artieda, is still in Washington. She had traveled to the USA with Keller-Sutter and Parmelin at the beginning of the week. There, the so-called "Team Switzerland" met with US Secretary of State Marco Rubio.

17.05

This is the Federal Council's plan

Continuing talks, supporting industries affected by additional tariffs and generally easing the burden on companies: this is the strategy the Federal Council is pursuing in the customs dispute with the USA. It will continue to refrain from taking countermeasures, as announced on Thursday.

The additional tariffs imposed by the USA are "extremely difficult" for the companies affected, President of the Swiss Confederation and Finance Minister Karin Keller-Sutter told the media in Bern on Thursday. The full Federal Council had previously met for an extraordinary meeting.

US President Donald Trump had "extremely increased" the pressure to act with the high additional tariffs for Switzerland, said Keller-Sutter. However, diplomatic efforts would continue. Talks are currently underway "on the basis of a new offer". Keller-Sutter did not say anything about its content for the time being.

"We have been working intensively on a solution for months," said Keller-Sutter. The Swiss negotiators are in Washington to make progress.

Parallel to the negotiations, the Federal Council is examining "possible relief for companies", as it wrote in a press release. For example, the Federal Council has a positive attitude towards the extension of short-time working compensation from 18 to 24 months, as called for by both responsible parliamentary committees.

5 p.m.

Watchmaking association: Switzerland still has a few trump cards up its sleeve

The Swiss Watch Association cannot understand the new US tariffs of 39 percent on imports from Switzerland. However, the industry should react with a cool head, said association president Yves Bugmann to the news agency AWP on Thursday. As an economically successful country, Switzerland still has a number of trump cards at its disposal.

Bugmann mentioned, for example, the purchase of energy, additional investments by Swiss companies in the USA and help with the training of personnel. According to the association, it supports the Federal Council in achieving a better solution in the interests of both sides. The USA must also have a medium to long-term interest in fair trading conditions with friendly countries, said Bugmann.

Many watch companies had already increased their exports to the USA in the spring, said the association president. As a result, there are currently plenty of goods available on the American market. If the punitive tariffs remain in force, companies will have to consider price adjustments in the coming weeks.

4.40 p.m.

Media conference is over

16.38 hrs

What does Trump need for a deal?

"I'm neither a clairvoyant nor a psychologist," says Keller-Sutter when asked when a deal with Donald Trump will come through. "We will do everything we can to ensure that this tariff can still be negotiated down."

Even a tariff rate of 15 percent is not pleasing. Although the situation is now difficult, we must continue to work with "calm and reason" and "not allow ourselves to be put off".

16.23

"The balance of power is clear"

"The balance of power is clear," Keller-Sutter clarifies. However, Switzerland also has a number of assets - such as political stability and legal certainty. "We must now focus on cultivating our strengths and improving ourselves," said the President of the Swiss Confederation. A situation like the current one with the USA could also always be an opportunity.

16:20

When will the next contact with Trump take place?

"Direct contact with President Trump only makes sense once something has been negotiated and we can be confident that it will actually hold," says Keller-Sutter. We have received signals from the responsible US negotiators that they support the deal. "But we can't be 100 percent sure that President Trump sees it that way."

16.11 hrs

Keller-Sutter counters Trump: "I have listened very carefully"

"I have listened very carefully," says Keller-Sutter when asked about Donald Trump's personal criticism. She continues: "But I did not accept that Switzerland is responsible for a trade deficit of 40 billion dollars. I have defended Switzerland's interests. And if he does that now, it's a form of power play. You have to be able to put up with that and not take it personally."

16.01 hrs

Keller-Sutter: "Negotiating pressure massively increased"

"The pressure to negotiate has been massively increased," says Keller-Sutter. The USA wants to drive up the price with its aggressive tariff strategy. "That is obvious," says Keller-Sutter. We want a stable relationship with the USA, but not at any price.

3.54 p.m.

Are armaments part of the new offer?

Karin Keller-Sutter answers a journalist's question by saying that she cannot provide public information about the optimized offer. In Washington they had pointed out that Switzerland was sticking to the procurement of the F-35 fighter jets and the Patriot system.

3.48 pm

Trump has the last word

"After the US announcement, we had to reckon with the fact that we were in for a difficult time," says Keller-Sutter. The Federal Council is currently unable to say how long this situation will last. However, the Federal Council will continue to negotiate intensively - with the aim of negotiating a solution within a reasonable period of time. However, this is ultimately in the power of the US President.

3.43 p.m.

No counter-tariffs for the time being

According to Parmelin, the Federal Council still intends to refrain from countermeasures. "Counter-tariffs are not currently planned." The reason for this is that counter-tariffs would lead to additional costs for the Swiss economy because they would make imports from the USA more expensive. Short-time work is a tried and tested instrument.

A parliamentary initiative has been submitted to parliament to extend short-time working compensation from the current 18 to 24 months.

3.40 p.m.

Parmelin: "60 percent of all Swiss exports to the USA affected."

Economics Minister Guy Parmelin now takes the floor: "Around 60 percent of all Swiss exports to the USA have been affected by the additional tariffs since August 7."

Switzerland is therefore significantly more affected by the additional tariffs than other structurally comparable economic partners of the USA.

3.36 p.m.

Talks to continue

According to Keller-Sutter, the EAER is still in charge of the negotiations. "With US Secretary of State Marco Rubio, the circle of contacts has been expanded." In the short term, it is clear that the USA will stick to the tariffs.

However, talks with the USA would continue.

3.34 p.m.

Keller-Sutter: "We have placed a new offer"

"This is an extremely difficult situation for the sectors and companies affected," says Keller-Sutter. The Federal Council has been working on a solution for months.

Under pressure from US President Trump, Switzerland has optimized its offer to the USA. This new offer has been placed in Washington. "Negotiations on this offer are currently underway," said Keller-Sutter. Seco representatives are therefore still in Washington. "That is a good sign," says Keller-Sutter.

3.30 p.m.

Media conference begins

3.15 p.m.

Keller-Sutter and Parmelin provide information at 3.30 p.m.

At 3.30 p.m., President of the Swiss Confederation and Finance Minister Karin Keller-Sutter and Economics Minister Guy Parmelin will provide information on the US tariffs. The Federal Council met today for an extraordinary meeting.

You can follow the media conference on blue News in the stream and ticker.

10.55 a.m.

Center-President Bregy calls for counter-tariffs

Center-President Philipp Matthias Bregy has formulated demands following the entry into force of the US tariffs. "We now need courageous, calm action from the Federal Council and self-confidence," he writes on X. It must become clear that Switzerland can be negotiated with, but not played with.

Specifically, Bregy is calling for countermeasures: "Tariffs on US goods that are produced in sufficient quantities in Switzerland or imported in sufficient quantities from other countries should no longer be taboo, nor should the consideration of a WTO complaint."

In addition, the complete renunciation of the regulation of tech companies must be reconsidered, especially in areas where the protection of the population and not least of children and young people is at stake.

Die 39 Prozent Zölle sind in Kraft. Auch wenn man bei Trump nie weiss, was morgen gilt, heute gelten sie. Was es nun braucht? #Mutiges, #ruhiges #Handeln vom Bundesrat und #Selbstbewusstsein. Es muss klar werden, mit der 🇨🇭 kann man verhandeln, aber nicht spielen. 1/5

— Philipp Matthias Bregy ⚽️ (@pmbregy) August 7, 2025

Bregy considers the adjustments to short-time working to stabilize the export industry to be "right". The suspension of the OECD minimum tax must also be discussed. "The priority is to secure jobs."

Bregy also warns against "short-sighted actions such as canceling the F-35 order". Anyone who wants to appear confident must not weaken themselves or their security, but must invest in the future. Bregy concludes his statement with: "Anyone who loves Switzerland must stop raving about Trump."

9.47 am

US tariffs leave Swiss investors cold

The Swiss stock market is unimpressed by the US tariffs that have now been imposed. The leading index of the Swiss stock exchange SMI is trading 0.07 percent higher at 11,763.67 points at 9.47 a.m.

9.32 a.m.

FDP National Councillor Cottier: "An attack against Switzerland"

Damien Cottier, head of the FDP parliamentary group in the Swiss parliament and president of the Switzerland-USA friendship group, sharply criticizes the US tariffs in an interview with SRF: "The situation is difficult, but also incomprehensible. It is an unfair decision by the US President and an attack on Switzerland."

In his search for reasons, Cottier seems at a loss, especially as there is no rational explanation. There are hardly any tariffs on imports from the USA to Switzerland, the local industry is not subsidized and, unlike the EU, no fees are levied on the US tech industry.

8.05 a.m.

"I will not humiliate myself": How Brazil and Canada are dealing with Trump's tariff hammer

Switzerland is not the only country in a hangover mood after the new US tariffs came into force. Canada has also been punished similarly harshly with 35%. Brazil even has to swallow 50 percent.

How are the two countries reacting? Canada's prime minister is warning Washington that economic relations with the US will suffer. "Canada is now the world's second largest investor in the United States. We have 40 million people," he said, according to Politico.

"That puts the state of the relationship into perspective. Without an agreement, there will be less by definition." Will Carney now make a pilgrimage to the White House to beg for clemency? "We'll talk if it makes sense," says the prime minister calmly.

Luiz Inacio Lula da Silva also has no intention of throwing himself into the dust in front of Donald Trump. "The day my intuition tells me that Trump is ready to talk, I won't hesitate to call him," said Brazil's president, according to Reuters.

He added: "But today my intuition says that he doesn't want to talk. And I will not humiliate myself."

7.10 am

Green Party leader calls for export duty on gold

Switzerland has a surplus of CHF 48 billion in trade with Switzerland this year. Around half of this is attributable to gold trading, which is carried out in two refineries in German-speaking Switzerland and one refinery each in Ticino and French-speaking Switzerland.

Lisa Mazzone is therefore proposing an export duty of 5 percent, reports the "Aargauer Zeitung":"The industry must help to overcome the crisis," the Green Party president is quoted as saying. Until spring, they were in constant operation: gold was recently in high demand due to the uncertainty surrounding Trump's economic policy.

With a trade volume of 100 billion francs, an export duty of 5 percent would flush 5 billion francs into the state coffers. "The federal government should use this money to finance cushioning measures for the economy," says Mazzone.

However, the controls need to be tightened, the Green Party argues: "This industry is a global driver of conflicts, corruption and human rights violations. It brings little to Switzerland apart from a high reputational risk. And now high tariffs."

6.23 a.m.

Crisis meeting of the Federal Council in the afternoon

Zölle: Nach der Rückkehr seiner Delegation aus den USA wird der Bundesrat am früheren Nachmittag eine ausserordentliche Sitzung abhalten. Eine Information folgt im Anschluss an die Sitzung.

— Bundesrat • Conseil fédéral • Consiglio federale (@BR_Sprecher) August 7, 2025

6 a.m.

Trump's tariffs against Switzerland are now in force

The tariffs of 39 percent on Swiss imports announced by the USA formally came into force at 6 a.m. on Thursday morning. A result of the last-minute talks between the Swiss delegation and US representatives was not yet available.

The Federal Council is expected to provide information on the next steps in the course of the day after talks between Federal Council President Karin Keller-Sutter and Economics Minister Guy Parmelin in Washington on Wednesday failed to produce a breakthrough. The two Federal Councillors are on their way back to Switzerland. According to FlightAware, the Federal Council jet is due to land at Bern-Belp Airport at 7.22 a.m. this morning.

Trump's tariffs against over 90 other countries - and the EU - also came into force shortly after 6 a.m. Swiss time. It is the latest escalation in a global trade war that is also likely to damage the US economy.

5.50 a.m.

Keller-Sutter and Parmelin report on talks in Washington on their return

It was still unclear on Wednesday - one day before the planned entry into force - whether the USA would withdraw its threat of 39 percent tariffs on Swiss goods imports. President Karin Keller-Sutter and Economics Minister Guy Parmelin, who had both negotiated with US Secretary of State Marco Rubio in Washington, only wanted to provide information after their return to Switzerland. Whether a meeting with US President Donald Trump would take place was unclear until the end of the two Federal Council members' stay in Washington - as was whether there would be further meetings with members of the US government who are more directly responsible for tariffs.

Bei dem heutigen Treffen mit Aussenminister @SecRubio haben wir die bilaterale Zusammenarbeit zwischen der 🇨🇭 und den 🇺🇸, die Zoll-Situation sowie internationale Themen diskutiert. @ParmelinG pic.twitter.com/tu8BT2dAI4

— Karin Keller-Sutter (@keller_sutter) August 6, 2025

5.39 a.m.

Expert: 39 percent US tariffs against Switzerland possibly only temporary

The US tariff rate of 39 percent on Swiss import products could only be temporary, according to expert statements in "20 Minuten". "I interpret the high tariffs as a means of putting pressure on Switzerland to make concessions," economist Stefan Legge from the University of St. Gallen told the news portal. He expects the tariffs to be reduced to 15 percent at some point. Manfred Elsig, a political scientist at the World Trade Institute in Bern, takes a similar view. He expects a provisional ban on exports of various products to the USA from companies that continue to hope for improvement.

4.35 a.m.

High US tariffs against Switzerland likely to apply from 6 a.m.

After the Federal Council delegation failed to achieve a breakthrough in the customs dispute with the USA on Wednesday in Washington, the USA is likely to impose tariffs of 39 percent on Swiss imports from 6 a.m. today (Swiss time). Exempt for the time being: Pharmaceutical and chemical products, certain precious metals such as gold, semiconductors and certain electronic devices.

Thursday, June 7, 2025, 4:24 a.m.

Keller-Sutter and Parmelin on their way home

President Karin Keller-Sutter and Economics Minister Guy Parmelin are on their way home after their talks in Washington, during which they failed to achieve a breakthrough in the customs dispute. According to FlighAware, the Federal Council jet took off from Washington at 6.17 p.m. (local time) and is scheduled to land at Bern-Belp Airport at 7.22 a.m. this morning.

10 p.m.

No official termination yet - but it seems to be a failure with announcement

The failure of the negotiations between Switzerland and the USA has not yet been officially confirmed. But if the Bloomberg report turns out to be true, it would have been a failure with an announcement.

As the US broadcaster reports, President Karin Keller-Sutter and Economics Minister Guy Parmelin traveled to Washington without a formal invitation from the White House.

As a result, not even the minimum diplomatic standards were observed. For example, the Swiss flag was missing at the meeting with US Secretary of State Marco Rubio - in contrast to the visit by his Serbian counterpart, where protocol was observed more carefully.

20.35 hrs

Keller-Sutter and Parmelin meet with US business representatives

On their trip to Washington, President Karin Keller-Sutter and Economics Minister Guy Parmelin also met with representatives of the US business community "to discuss the customs situation", as Keller-Sutter reports on X.

Vizepräsident @ParmelinG und ich haben uns auch mit wichtigen amerikanischen Wirtschaftsvertretern getroffen, um über die Zoll-Situation zu sprechen. #WASHINGTON pic.twitter.com/7NUevCL0n6

— Karin Keller-Sutter (@keller_sutter) August 6, 2025

8.18 p.m.

US broadcaster Bloomberg: No agreement reached in customs dispute

According to a report by US broadcaster Bloomberg TV, no agreement on tariffs was reached at the meeting between the US Secretary of State and the Swiss delegation.

The broadcaster refers to "people familiar with the situation". According to this, Keller-Sutter and Parmelin had proposed a new deal. However, this was "obviously not enough to get an agreement across the finish line".

Switzerland's president is about to leave Washington without reaching a deal to get President Donald Trump to lower the 39% tariff he put on the country https://t.co/48HsBXd0Iv pic.twitter.com/xeVwSgRdM3

— Bloomberg TV (@BloombergTV) August 6, 2025

7.58 pm

US Secretary of State Marco Rubio comments on the meeting

US Secretary of State Marco Rubio has commented on the meeting with Karin Keller-Sutter and Guy Parmelin to "discuss the importance of a fair and balanced trade relationship between the United States and Switzerland".

Rubio went on to write: "We also reaffirmed our commitment to stronger bilateral cooperation in the area of defense". However, he did not comment on the issue of tariffs in the short statement.

Met with Swiss President @keller_sutter and Vice President @ParmelinG to discuss the importance of a fair and balanced trade relationship between the United States and Switzerland. We also reaffirmed our commitment to stronger bilateral defense cooperation. pic.twitter.com/LdLqrHLTxq

— Secretary Marco Rubio (@SecRubio) August 6, 2025

7.16 p.m.

"Thank you ..." - Photographer catches Parmelin's note

A photo by AFP photographer Drew Angerer shows the Swiss delegation arriving for the meeting with US Secretary of State Marco Rubio. The picture shows Economics Minister Guy Parmelin holding a white pencil case in his hand - and for a brief moment a written page is visible.

The photo quickly spread via WhatsApp among Federal Parliament journalists. Editorial teams were puzzling over who could decipher which word on the blurred document. The photographer did not provide high-resolution versions. But one word is clearly legible: "Thank you".

What seems banal at first glance is not diplomatically clumsy: Anyone starting a delicate conversation in a foreign language would do well to get the tone right.

And: the dispute between US President Donald Trump and Ukrainian President Volodimir Zelenskyi showed that a missing "thank you" can be awkward in Washington. When Zelensky did not say thank you right at the beginning of a meeting at the White House, Trump publicly interpreted this as an affront.

18.50 hrs

Return flight of the Federal Councillors tonight?

It is still not officially confirmed when President Karin Keller-Sutter and Economics Minister Guy Parmelin will fly back. The Swiss delegation has also remained silent on the status of the customs negotiations in Washington. However, a look at FlightAware makes you sit up and take notice:

The Federal Council jet SUI7 (Dassault Falcon 900) is scheduled to return today at 18:10 local time (Washington D.C.). The planned landing at Bern-Belp: Thursday morning at 07:08 - in time for the start of the stock market.

Whether the flight will actually take place as planned remains to be seen. Flight schedules for government flights are generally reliable, but can also be adjusted at short notice. There has been no official confirmation from the federal government to date.

If the jet takes off, as the current flight plan envisages, Keller-Sutter could appear in public as early as Thursday morning - and send a signal of reassurance with a statement before the start of trading at 09:00. Keller-Sutter and Parmelin deliberately refrained from holding a media conference in Washington. The results of the meeting with US Secretary of State Marco Rubio will probably only be discussed after their return to Bern.

6.12 p.m.

For Keller-Sutter, the meeting with Marco Rubio was "a very good meeting"

Keller-Sutter told Swiss television SRF's "Tagesschau" after the meeting: "We had a very good meeting, a very friendly and open exchange on common topics and interests."

Karin Keller-Sutter (FDP) and Economics Minister Guy Parmelin (SVP) decided not to hold a media conference in the US capital. This was reported by blue News from within the delegation. In other words, the customs fate of the Swiss economy will probably only become clear once the two Federal Councillors are back in Bern. They are not expected to return until Friday. The Keystone-SDA news agency first reported on these rumors.

The threatened customs tariff of 39 percent would actually apply to Swiss products from Thursday. It was initially unclear what impact the delays would have on tomorrow.

5.33 p.m.

Keller-Sutter reports end of meeting with Rubio on X

The meeting with Marco Rubio is over, as Federal Councillor Karin Keller-Sutter writes in a post on X. It states that they discussed "bilateral cooperation between Switzerland and the USA, the customs situation and international issues". However, she does not say anything about the results.

Bei dem heutigen Treffen mit Aussenminister @SecRubio haben wir die bilaterale Zusammenarbeit zwischen der 🇨🇭 und den 🇺🇸, die Zoll-Situation sowie internationale Themen diskutiert. @ParmelinG pic.twitter.com/tu8BT2dAI4

— Karin Keller-Sutter (@keller_sutter) August 6, 2025

4.54 p.m.

Pictures of Keller-Sutter and Parmelin's arrival

The Keystone photo agency has delivered the first pictures from Washington. They show President Karin Keller-Sutter (FDP) together with Economics Minister Guy Parmelin (SVP) entering the US State Department.

4.32 p.m.

Trump fires against Schumer - is he ignoring Switzerland?

While President Karin Keller-Sutter is in Washington with US Secretary of State Marco Rubio to discuss the impending 39% tariffs for Swiss companies, Donald Trump is causing a distraction on "Truth Social".

In an angry post, he attacks Democratic Senator Chuck Schumer, whom he calls "Cryin' Chuck" and a "blackmailer". Schumer demanded two billion dollars so that the Democrats would stop blocking Trump's personnel requests in the Senate, the president ranted.

The Schumer row is also dominating the headlines in the Republican media. Whether this is why Trump is currently unable to find the time to seriously address Switzerland's arguments remains to be seen. One thing is clear: the next few hours will be decisive. The talks between Keller-Sutter and Rubio are due to end at around 5.15pm Swiss time.

2.50 p.m.

Keller-Sutter shows up in Washington

Avec le vice-président @ParmelinG, j'ai rencontré à Washington des représentants économiques suisses de haut rang pour discuter des taxes douanières. pic.twitter.com/lciF9ISjou

— Karin Keller-Sutter (@keller_sutter) August 6, 2025

Karin Keller-Sutter has begun her customs mission in the USA. On Wednesday morning (local time), she met "high-ranking Swiss business representatives" in Washington together with Guy Parmelin, she writes on X. The topic was, of course, the current customs situation. Keller-Sutter will later meet US Secretary of State Marco Rubio.

According to the picture, Roche Chairman Severin Schwan, Marcel Erni and Freddy Gantner from the Partners Group, Swiss CEO Jens Fehlinger and Daniel Jäggi, President of Mercuria, will be there.

10.50 a.m.

"Federal Council can no longer achieve anything alone in Washington"

Switzerland is at risk of being targeted by Donald Trump's punitive tariffs. President Keller-Sutter is fighting for tens of thousands of Swiss jobs in Washington today.

SP-Molina calls for a change of course"Federal Council can no longer achieve anything alone in Washington"

7.04 a.m.

Keller-Sutter meets Rubio

Karin Keller-Sutter received her first appointment on Wednesday afternoon Swiss time. At 10.15 a.m. local time (4.15 p.m. Swiss time) she will meet the US Secretary of State Marco Rubio for talks. This appointment is noted on the Foreign Minister's agenda, as reported by "RTS".

A meeting with Trump is not yet planned, a spokesperson told the AFP news agency.

4.50 am

High US tariffs for Switzerland: opportunity for German companies?

German companies could benefit from the high US tariffs on Swiss imports, according to ETH economist Hans Gersbach. While US President Donald Trump is planning 39 percent tariffs for Switzerland, the figure for the EU is "only" 15 percent. "If the tariff difference remains, this would certainly provide a boost for Germany," Gersbach, Co-Director of the Swiss Economic Institute (Kof), told the German Press Agency. German companies would have a competitive advantage where they compete with Swiss companies, for example in areas such as machinery, medical devices, precision instruments or in the pharmaceutical sector. Their products would be significantly cheaper in the USA. However, many Swiss suppliers also have products that German competitors cannot replace, says Gersbach.

The second advantage could be trade diversion. "For example, a German supplier that contributes to the finishing of a Swiss machine could benefit if the finishing is then carried out in Germany and exported from there to the USA," says Gersbach. Or Swiss companies that already have sites in Germany could relocate some of their production. "But it all takes time, people underestimate the complexity."

There are also negative effects: "German suppliers to Swiss companies would also be affected if Switzerland exports less to the USA. If the Swiss economy were to weaken, that wouldn't be good for Germany either. After the USA, Germany is Switzerland's most important trading partner."

Gersbach's conclusion: "One or two German companies may therefore have a competitive advantage in certain areas, but the bottom line is that hardly anyone will be rubbing their hands in glee. There will be a small boost, but the overall economic effect of all the individual effects is unlikely to be significant."

4.30 a.m.

Roche: Drug prices not part of customs negotiations

According to Tamedia, the pharmaceutical company Roche does not consider US drug prices to be part of the customs negotiations. Unnamed sources told the newspapers that this is a separate issue to be dealt with independently. The background to this is the demand that Swiss pharmaceutical companies should voluntarily lower their prices in the USA in order to accommodate US President Donald Trump in the customs conflict. Roche does not officially comment on whether talks are being held with the Swiss government. In a TV interview, Trump reiterated his threat to impose tariffs of up to 250 percent on pharmaceutical products.

4 o'clock

Report: Federal Council wants to leave customs deal communication entirely to Trump

President Karin Keller-Sutter and Vice President Guy Parmelin landed in the US capital Washington on Tuesday with the aim of averting a disaster for Switzerland in the customs dispute with Donald Trump. What level talks with the US government will reach - whether with ministers or with US President Donald Trump - remains a well-kept secret in Bern, wrote SRF Federal Parliament editor Andy Müller in an analysis on Tuesday evening. Information is barely leaking out and there is a de facto information blackout, he continued.

A person familiar with the matter explained SRF's reticence as follows: This time, the Federal Council wanted to leave communication entirely to the US side. The government did not want to "make the same mistake again of communicating details of a new deal and confidence".

This time, it is clear to the government that Trump alone will decide whether the offer is sufficient to avert the 39% punitive tariffs on Swiss exports that are threatened from August 7. A possible breakthrough in the negotiations would therefore probably be announced by Washington first - and not by the Swiss government.

Government circles have reported that Switzerland intends to present the package to the US President again that has already been agreed with US Treasury Secretary Scott Bessent and Trump's Trade Representative Jamieson Greer - but with significantly higher figures. In terms of investment commitments by Swiss companies in the USA, the Federal Council wants to go far beyond the 150 billion francs previously mentioned.

2.11 a.m.

Switzerland struggles for a better customs deal with the USA

President Karin Keller-Sutter and Vice President Guy Parmelin arrived in the US capital Washington on Tuesday evening. The aim is to find a deal before exorbitant US import tariffs are imposed. Keller-Sutter and Guy Parmelin flew to Washington on Tuesday to talk to US representatives in an attempt to reduce the tariffs to a tolerable level before Trump's Thursday deadline comes into force.

Vizepräsident des Bundesrates @ParmelinG und ich fliegen heute nach Washington. Die Reise soll kurzfristige Treffen im Zusammenhang mit der Zoll-Situation ermöglichen.
👉 https://t.co/eMMEy7ONxU pic.twitter.com/TvNhTgsKRE

— Karin Keller-Sutter (@keller_sutter) August 5, 2025

According to insiders, Switzerland wants to make the US an attractive investment offer that could reduce the tariffs to around 15 percent, the same approach that the European Union was able to negotiate with Trump. The level at which a meeting with US representatives could take place on Wednesday was still unknown late on Tuesday evening.

In an interview with CNBC on Tuesday morning, Trump claimed that Switzerland only wanted to pay 1 percent tariffs with a trade deficit of over 41 billion.

It is now up to Keller-Sutter and Parmelin to present Trump with a new deal and point out the correct figures to him without enraging the irascible president, who already complained in the TV interview that Keller-Sutter was being nice but not listening.Switzerland can only make limited concessions in the talks with Washington. US imports already have 99.3 percent free market access. Switzerland is already one of the 12 largest investors in the USA; no other country invests more per capita in the USA than the Swiss Confederation.

20:53

Now the customs showdown begins: Keller-Sutter and Parmelin land in Washington

Swiss Air Force 7 "SUI 007" has landed at Dulles Airport in Washington. Karin Keller-Sutter and Guy Parmelin face difficult negotiations with US President Donald Trump.

The President of the Swiss Confederation and the Vice President of the Federal Council are accompanied by a small delegation. This includes Helene Budliger Artieda, State Secretary for Economic Affairs (Seco), and Daniela Stoffel, State Secretary for International Financial Matters (SIF).

The Federal Council's special envoy to the USA, Gabriel Lüchinger, is also on board, a spokeswoman for the FDF told the Keystone-SDA news agency in response to an inquiry.

3.48 p.m.

"She wouldn't listen" - now Trump talks about Keller-Sutter's customs phone call

US President Donald Trump has spoken on TV about his phone call with President of the Swiss Confederation Karin Keller-Sutter - and did not leave a good mark on her.

US president "did not know" KKS"She wouldn't listen" - now Trump talks about Keller-Sutter's customs phone call

12.23 p.m.

Keller-Sutter and Parmelin travel to Washington today

To prevent an escalation in the trade dispute with the USA, President Karin Keller-Sutter and Vice President Guy Parmelin are traveling to Washington on Tuesday. Read all about it here.

"Should get something out of it"Here the Federal Council flies to Washington with "SUI007"

6.30 p.m.

Greens President Mazzone wants more investment in Switzerland

At her National Day speech in Rümlang, Zurich, Green Party President Lisa Mazzone called for closer cooperation with Europe and more investment in Switzerland. Mazzone criticized the Federal Council's strategy in the trade war with Donald Trump.

She had to rewrite her speech due to the current situation, explained Mazzone. "Kowtowing to Washington, conducting the negotiations alone instead of in an alliance with friendly countries: It wasn't worth it," said Mazzone.

As a small country, Switzerland must learn its lessons from this. It needs partners. In order to do business together, common values are needed. "Values such as democracy, freedom, the rule of law and the protection of our livelihoods," Mazzone continued.

Since Friday morning at the latest, Switzerland's relations with the EU have appeared in a different light. The EU is predictable, reliable and sticks to the agreed rules of the game. "The EU is our most important economic partner: reliable and proportionate."

In order to reduce dependence on the USA, investments must be made in Switzerland. This creates jobs and reliable prospects. "We need closer cooperation with Europe," said Mazzone.

5.16 p.m.

New US import tariffs of 15 percent for Liechtenstein

The USA will in future apply import duties of 15 percent on goods from Liechtenstein. Due to the common economic area, Liechtenstein has been in favor of a joint solution with Switzerland from the outset and participated in the negotiations for a trilateral agreement between the USA, Switzerland and Liechtenstein.

An agreement on such an arrangement could not be reached with the US. "The different tariffs now communicated for Liechtenstein and Switzerland mean that we have a new starting position. We will analyze the effects in detail with the involvement of the business community and continue to coordinate closely with Switzerland," said Deputy Prime Minister Sabine Monauni.

5.06 p.m.

White House accuses Switzerland of inflexibility

The White House is apparently accusing Switzerland of inflexibility in the trade talks with the USA. The Reuters news agency quoted an unnamed government official to this effect on Friday.

Switzerland is facing a tariff of 39 percent because it has refused to make significant concessions in the form of a reduction in trade barriers with the US, the government official said, according to a report published in the English-language service of Reuters. Switzerland, as one of the richest and highest-income countries in the world, could not expect the US to tolerate unilateral trade relations, the official was further quoted as saying.

39%! Der Zollhammer schlägt zu. Für die Schweizer Exportwirtschaft sind dies schlechte News. Firmen die in der Schweiz produzieren und viel in die USA exportieren trifft es hart. Neben den Zöllen kommt der Währungseffekt hinzu (USD -11%). Damit verteuern sich die Produkte um 50%. pic.twitter.com/od3Ge5j4Hz

— Matthias Geissbühler, CFA, CMT (@M_Geissbuehler) August 1, 2025

2.45 p.m.

Swiss-American Chamber of Commerce expresses disappointment

The Swiss-American Chamber of Commerce has expressed its disappointment at the 39 percent tariffs imposed on Swiss products. This is particularly disappointing in view of the "intensive and constructive efforts at the highest political and diplomatic level".

The Swiss government and the private sector had "worked hand in hand to maintain Switzerland as an attractive business location", the Chamber of Commerce announced on Friday. The aim was to secure jobs, investments and the national tax base, while at the same time constructively addressing the concerns of the USA with regard to international trade and investments.

As with every negotiation, there are "always two parties, and the results ultimately depend on both sides". The tariff rate now proposed by the US President is particularly disadvantageous for the Swiss industrial sector, especially for companies with low profit margins.

Massive und ungerechtfertigte US-Zölle: Eine sehr ernsthafte Belastung für die Schweizer Wirtschaft

Die USA haben per 7. August für die Schweiz einen Basiszollsatz von 39 Prozent angekündigt. Es ist weder gerechtfertigt noch nachvollziehbar, weshalb die Schweiz einen der… pic.twitter.com/wPHFXlxLXL

— economiesuisse (@economiesuisse) August 1, 2025

The comparatively lower tariffs granted to other Western economies and the strength of the Swiss franc further exacerbated the challenge for Swiss exporters.

The reasons for the tariffs of 39 percent are not yet entirely clear, the Chamber of Commerce added. The most plausible explanation is the sharp increase in the Swiss trade surplus with the United States. The Chamber of Commerce put this at an increase of 56 percent between 2024 and 2023.

2.30 p.m.

Switzerland is "treated particularly badly" according to Parmelin

According to Economics Minister Guy Parmelin, Switzerland has been "particularly badly treated" by the tariffs announced by the USA. The Federal Council will return to the issue very quickly in order to understand "what did not work", what exactly the US and Donald Trump want and whether there is any room for maneuver.

In an interview with French-speaking Swiss television RTS on the fringes of the August 1 celebrations, the Minister for Economic Affairs admitted that the situation is "extremely difficult" for Switzerland.

«Of course it will be extremely difficult. The situation is already difficult today.»

He referred to the level of taxes levied on Swiss products, but also to the loss of competitiveness compared to key partners such as the European Union or the United Kingdom. They are much better off.

However, the Federal Councillor also explained that Switzerland had already been through many crises and had always overcome them: "The authorities and the population have always found solutions together," said the Vaudois. Now it was time to "close ranks":

"We have - this country has - been through many difficult crises. We have always overcome them. We have always found solutions. The authorities and the population together - I think the time has come to grit our teeth. Today we are celebrating our national holiday. We won't let this upset us."

Click here for the full-length RTS report (in French).

1.41 p.m.

Keller-Sutter sends Trump a message - without naming him

During her 1 August speech on the Rütli, President Karin Keller-Sutter was vague about the tariff hammer from the USA. Although she spoke of a short night and mentioned a telephone conversation with Donald Trump, she left open how Switzerland intends to react to the US punitive tariffs. She also said nothing about the strategy of her finance department or possible next steps.

Instead, she relied on soft tips: "Reliability is the new currency," she said in her speech - and: "We keep our word." A clear message towards Trump. Keller-Sutter did not mention his name, however.

Nevertheless, according to Keller-Sutter, Trump was impressed when she explained to him that Switzerland dates back to 1291. All she said about the customs dispute was that if there is a storm, you have to "get up and keep working". That was all she wanted to say on this public holiday.

1.37 p.m.

Keller-Sutter: "Reliability is the new currency"

In her 1 August speech on the Rütli, President of the Swiss Confederation Karin Keller-Sutter emphasized Switzerland's reliability as a key strength. "When Switzerland gives its word, it stands by it," she said - a valuable asset, especially in uncertain times.

She concluded by returning to the beginning of her speech: As with the biblical Tower of Babel, there are also many languages in Switzerland - but in contrast to the legend, the country's history is characterized by the will for mutual understanding. The national holiday is about reflecting on what unites us: "We come together to celebrate our country and to be proud of what unites us."

Keller-Sutter then ends her speech surprisingly quickly - without further words on the US customs dispute, without an encore. With the words "Long live the Swiss Confederation!" she takes her leave to great applause.

1.31 p.m.

Keller-Sutter: "We keep our word"

At the Rütli, President Karin Keller-Sutter emphasized Switzerland's core values: solidarity, subsidiarity and personal responsibility.

These three principles are the foundation of Switzerland's successful model - even in turbulent times. "Convenience is not a recipe for success," she said, and warned against always delegating responsibility upwards.

Switzerland is capable of acting, has stable institutions and can distinguish between what is desirable and what is necessary. "We keep our word", Keller-Sutter continued - Switzerland is a reliable partner.

1.24 p.m.

Keller-Sutter criticizes "trend towards centralism"

In her speech at the Rütli, President of the Swiss Confederation Karin Keller-Sutter emphasized Switzerland's federalist foundations - and at the same time warned against creeping centralism. The country's diversity is based not only on languages, but also on regional traditions and the principle of subsidiarity: problems should be solved at local level wherever possible.

"We organize ourselves first as individuals, families or communities. We participate in associations and get involved in voluntary work."

"The tendency towards centralism is unmistakable," said Keller-Sutter, referring to developments during the pandemic. Today, people are "calling on the federal government more quickly and reflexively" than in the past. Yet it is precisely the proximity to citizens that makes the Swiss state strong - whether in family life, in associations or in municipal politics.

1.19 p.m.

Keller-Sutter speaks first on dialects

President Karin Keller-Sutter opened her 1 August speech with an anecdote about the Tower of Babel and Switzerland's linguistic diversity. As a trained interpreter, she was fascinated by the diversity of dialects - and by the first piece of bread: there are countless words in Switzerland for the slice.

Keller-Sutter praised the linguistic and cultural diversity as a strength: "In fact, it would be easy to emphasize what divides our country," she said. But she would rather focus on what unites us. "What unites us is solidarity" - such as the Blatten landslide in Valais.

1.12 p.m.

"The One and Only Keller-Sutter"

"The One and Only Keller-Sutter" - with these words, the President of the Swiss Confederation has just been announced on the Rütli meadow. In her speech, she briefly touched on the customs conflict with the USA: she had told US President Donald Trump on the phone that today was the federal holiday.

"This is not the first time Switzerland has been in a storm," she said. You just have to keep working. On today's day, she said, we should not give much space to this matter, but to the country itself: "Today is the day of the Swiss people!"

1.01 p.m.

Keller-Sutter begins her speech straight away

President Karin Keller-Sutter has just been formally welcomed to the Rütli meadow. The celebration was organized by the Swiss Society for the Common Good. Its representative was delighted that Keller-Sutter was speaking here "on this day of all days".

The Rütli meadow is regarded as the symbolic birthplace of Switzerland: according to tradition, the representatives of Uri, Schwyz and Unterwalden met here in 1291 to swear the Rütli oath.

Rütli oath, speeches, fireworksWhat exactly does Switzerland celebrate on August 1? 7 questions and 1 bonus

The bad news from the USA does not seem to have completely dampened President Karin Keller-Sutter's spirits. Photos from the Keystone agency show her smiling as she waves to the guests on the Rütli meadow before taking to the stage.

12.34 p.m.

Keller-Sutter speaks at 1 pm

President of the Swiss Confederation and Finance Minister Karin Keller-Sutter will give her speech at the Rütli at 1 pm. The tabloid Blick writes: "The symbolism could hardly be more brutal. From 'Art of the Deal' to 'Än-Art-kein-Deal'".

blue News will probably be able to show the speech live.

The first pictures from the Rütli show that the President of the Swiss Confederation arrived on time. She will be accompanied by her women and officials.

12.30 p.m.

Federal Councillor Cassis: "Dealing with dependencies with aplomb"

For Federal Councillor Ignazio Cassis, Switzerland's strength lies in the interplay between rootedness and openness. On National Day, he pleaded for a sovereign approach to existing dependencies.

In his speech, the Foreign Minister spoke about Switzerland and its relations with other countries. The feeling that everything is falling apart at the seams is growing, he said. Tariffs were being increased, trade agreements were being dismantled and international rules were being ignored. "It's not the law that rules - it's the law of the fist," he said, according to the manuscript.

Cassis spoke of a turning point. However, Switzerland is dependent on the world and needs reliable international relations, especially in tough times, otherwise everything will soon come to a standstill. "Dependencies are a reality - and those who recognize them can deal with them confidently," he explained, according to the speech text.

Negotiations are continuing with the USA and China. "It was with great regret that we had to take note of President Trump's new decision tonight," said Cassis, alluding to the imposition of tariffs of 29% on Switzerland. But the Federal Council would not be discouraged and would continue to strive for an agreement in the interests of both sides.

The Foreign Minister stated that he was aware that the package of agreements with the EU would lead to heated discussions in the coming months. "Democracy is not a cuddly course, but lived dissent," he explained. Freedom requires debate, but without hatred.

11.50 a.m.

Federal Councillor Beat Jans: "Europe is Switzerland's home"

Federal Councillor Beat Jans spoke in Schaffhausen on August 1 - the first Federal Councillor to do so after the surprising announcement by the US government that Swiss products would be subject to a 39 percent tariff. The audience listened very carefully shortly after 11 am.

In his speech, Jans praised Switzerland and said: "August 1st is about home. And Switzerland's home is in Europe." This is particularly evident right now - for example, when "the USA wants to arbitrarily introduce tariffs of 39 percent against Swiss products".

Jans chose his words carefully: the US tariffs have so far only been announced. In Donald Trump's unpredictable economic policy, it would not be the first time that such announcements have been canceled.

Commenting on the global situation, Jans said: "Rifts are getting deeper and deeper, rules are being circumvented, institutions despised, debates more irreconcilable, overlaps smaller - where they still exist." August 1st is therefore also "a warning".

He recalled what had made Switzerland strong: "It was not going it alone - going it alone - that made us strong, but working together. Among ourselves in Switzerland, but also with allies abroad." And: "Skilful negotiation and clever alliances are part of our identity."

Central Federal Councillor Martin Pfister also commented on the tariff hammer during his speech on a farm in Lütisburg SG: "I am sure that we will find a solution with President Trump on the tariff issue." And despite the solid foundation, the Federal Councillor also had words of warning: "Switzerland is not an island". It is increasingly affected by the tense international situation. "But it is also important that we remain calm," said Pfister.

Pfister rejected the Green Party's call to cancel the procurement of the F35 fighter jet now. If the project was canceled, Switzerland would have no more fighter jets by 2032 at the latest. However, it needs air defense, especially in these times. For this reason, it is important to stick with this project.

Federal Councillor Albert Rösti also radiated optimism: "On behalf of the Federal Council, I would like to assure you that we are continuing the negotiations. It's not all evening yet."

11.11 a.m.

Interpharma: Switzerland must improve its own framework conditions

The Association of the Research-Based Pharmaceutical Industry (Interpharma) has noted with great concern the 39% tariff imposed by the US government. This is "a black day" for Switzerland, even if pharmaceutical products are exempt from the tariffs for the time being.

With Thursday's decision on "Most-Favored-Nation Drug Pricing" (MFN), the US government is putting the global supply of innovative medicines at risk. As a result, research-based pharmaceutical companies in Switzerland and the supply in Switzerland are also affected, Interpharma announced on Friday.

Among other things, the decree provides for the introduction of a preference clause that aligns the prices for US medicines with the lowest prices in other comparable economies.

This threatens Switzerland with a serious supply problem: "Companies will be forced to concentrate on those markets in which they achieve the highest sales. Switzerland, with a global market share of 0.5 percent, will be left behind," Interpharma continued.

10.47 a.m.

Trade association demands "reduction of bureaucracy" for companies

Following the customs announcement, the Swiss Trade Association (SGV) is calling for swift clarification and a rapid reduction in bureaucracy for businesses. Regulations must be stopped.

In addition to a reduction in regulatory costs, an immediate moratorium on regulation and a regulatory brake are needed, writes the SGV in a press release. Companies must be freed from administrative regulations and bureaucracy must be reduced. There also needs to be a reduction in taxes and duties.

In addition, the network of free trade agreements needs to be updated. The agreements signed with India, the Mercosur states and Malaysia must be ratified and brought into force quickly. Existing agreements, for example with Japan and China, should be updated quickly.

09.30 a.m.

Watchmaking association sees Switzerland's competitiveness at risk

The Swiss Watch Federation FH sees the competitiveness of Swiss companies and Swiss products on the market at risk as a result of the announced tariffs. The tariffs are clearly a threat to the entire Swiss economy.

They are neither comprehensible nor justified, FH announced on Friday. As Switzerland had abolished all customs duties on imported industrial products, it was unjustified to speak of a lack of reciprocity on the part of Switzerland. Taking services into account, the trade balance between the two countries is also almost balanced.

The association now expects the Swiss authorities to give this dossier "absolute priority" and do everything in their power to quickly negotiate a better solution for the Swiss economy.

09.03 am

SP speaks of "short-sighted foreign trade policy"

The SP has also reacted to Donald Trump's latest announcements. "The latest announcement is a direct consequence of a short-sighted and isolated foreign trade policy - this is now becoming painfully clear," Samuel Bendahan, Co-President of the SP parliamentary group, was quoted as saying in a press release. "Not only is Europe in a better position today than Switzerland, but it is also becoming clear how irrational and dangerous the policies of authoritarian leaders like Donald Trump are: they benefit oligarchs and billionaires and harm the people."

«The policies of authoritarian leaders like Donald Trump benefit oligarchs and billionaires.»



Samuel Bendahan

Co-President of the SP parliamentary group

The SP speaks of a "pandering strategy chosen by the bourgeois Federal Council", which was partly responsible for the result. "It has shown Trump that he can do whatever he wants. We should never have given in to him," SP Co-President Mattea Meyer is quoted as saying. "The attempt to appease Trump was politically reckless. He was never interested in a fair partnership."

Green Party leader Lisa Mazzone also criticized in a further statement that "kneeling before Trump and going it alone" was wrong. She is now calling for closer cooperation with the European Union and brings fighter jet procurement into play: the purchase of the F-35 aircraft must be stopped. Instead, a "stimulus program for a green industrial policy" is needed.

Der Kniefall vor Trump und der Alleingang waren definitiv falsch. Jetzt braucht es: - enge Zusammenarbeit mit der EU - Besteuerung der US Tech-Unternehmen - Bürgenstock des Multilateralismus - Stopp der F35-Beschaffung - Impulsprogramm für eine grüne Industriepolitik - Stopp des Sparpakets

[image or embed]

— Lisa Mazzone (@lisamazzone.bsky.social) 1. August 2025 um 08:32

08.55 a.m.

Raiffeisen: Products become 50 percent more expensive

Matthias Geissbühler, Head of Investment at Raiffeisen Switzerland, calculates on X how badly the new tariffs will hit the export industry: "Companies that produce in Switzerland and export a lot to the USA will be hit hard. In addition to the tariffs, there is also the currency effect (USD -11%). This makes products 50 percent more expensive."

«This makes products 50 percent more expensive.»



Matthias Geissbühler

Head of Investment at Raiffeisen Switzerland

08.51 am

Not everyone is upset - Pakistan is actually pleased

Pakistan is celebrating a new tariff agreement with the USA. President Trump set the tariff at 19 percent - lower than for India (25 %) - and praised Pakistan's oil reserves and US plans to develop them. Prime Minister Shehbaz Sharif spoke of a "breakthrough".

India reacted cautiously. Trump's criticism of India's closeness to Russia and trade practices is straining relations with Prime Minister Modi. While Pakistan publicly thanked Trump, India avoids demonstrative closeness.

Indian officials fear surprises in direct talks with Trump. He prefers quick deals, India relies on slow negotiations - such as the recently concluded agreement with the UK.

08.45 am

Sharp criticism from the ranks of the SVP

Reactions from the SVP were initially rare. On X (formerly Twitter), Joël Thüring, member of the Basel-Stadt cantonal parliament, harshly blamed the President of the Swiss Confederation, Karin Keller-Sutter, for the collapse of the deal:

«39%! Keller-Sutter is even more incompetent than assumed. A woman is destroying the Swiss economy.»



Joël Thüring

SVP councillor

Thüring could not be reached for comment by blue News.

08.40 a.m.

Federal Council publishes statement

This morning, the Federal Council published the following statement: "The Federal Council notes with great regret that the USA, despite the progress made in the bilateral talks and Switzerland's very constructive stance from the outset, intends to impose substantial unilateral additional tariffs on imports from Switzerland. The additional tariff mentioned by the US President clearly deviates from the draft of a joint declaration of intent."

And:

"This draft was the result of intensive discussions between Switzerland and the US in recent months and was approved by the Federal Council on July 4, 2025. Switzerland was and is in contact with the responsible authorities in the USA. It continues to strive for a negotiated solution with the USA that is compatible with both the Swiss legal system and existing obligations under international law. The Federal Council will analyze the new situation and decide on how to proceed."

08.40 a.m.

Swissmechanic calls on government to act

Swissmechanic has called on the Swiss government to take decisive action following the announcement of the new US tariff rate of 39 percent. The association warned of the long-term consequences for small and medium-sized companies in Swiss industry. Switzerland must not become one of the few countries that have to struggle with structural competitive disadvantages in the long term. Swissmechanic therefore demanded a clear line from the national government.

08.40 a.m.

Switch to live ticker

blue News will continuously summarize the development of the customs hammer in the live ticker and link articles here.

Show more

US President Donald Trump announced new punitive tariffs on imports on Friday night - and hit Switzerland particularly hard. Instead of the recently discussed 10 or 15 percent, the US government is now imposing 39 percent on Swiss products. This is the result of a decree published on Thursday.

The tariffs will come into force on August 7. This is the worst-case scenario - one that was considered unlikely in Bern until recently. In an initial statement to SRF, the Federal Council reacted "with great regret" and emphasized that talks with the USA would continue.

The Federal Council then published the following statement in the morning:

"The Federal Council notes with great regret that, despite the progress made in the bilateral talks and Switzerland's very constructive stance from the outset, the US wants to apply unilateral additional tariffs of a substantial amount against imports from Switzerland. The additional tariff mentioned by the US President clearly deviates from the draft of a joint declaration of intent."

And:

"This draft was the result of intensive discussions between Switzerland and the US in recent months and was approved by the Federal Council on July 4, 2025. Switzerland was and is in contact with the responsible authorities in the USA. It continues to strive for a negotiated solution with the USA that is compatible with both the Swiss legal system and existing obligations under international law. The Federal Council will analyze the new situation and decide on how to proceed."

With a tariff rate of 39 percent, Switzerland is one of the most severely affected countries in the world. Only three countries - Laos, Myanmar (40 percent each) and Syria (41 percent) - are burdened even more.

By comparison, the EU, Japan and Liechtenstein have agreed a 15 percent tariff with the USA, while the UK and Brazil only pay 10 percent.

Decree even punishes circumvention attemptsWhite House publishes list of countries - Switzerland receives almost highest tariff

President Karin Keller-Sutter explained the failure of the talks on X by saying that Trump's main concern was the trade deficit. Switzerland had held out the prospect of investments amounting to CHF 150 billion and was prepared to lower its own tariffs with the USA.

But Trump's agreement failed to materialize. "The last word has never been spoken," said Keller-Sutter in the middle of the week. Now it is clear: the agreement has collapsed.

The new tariffs will apply from August 7 - Swiss companies have little time to prepare. The export industry is particularly affected: pharmaceutical and chemical products account for almost 60 percent of exports to the USA. Watches, jewelry and machinery are also affected - they will become significantly more expensive in the future.

There is disillusionment in Bern. According to the Federal Department of Finance, the Federal Council is examining how to proceed. A WTO complaint is possible, but is unlikely to have much effect. Trade law expert Thomas Cottier told Blick that he is convinced that the tariffs are unlawful. However, a quick correction by the USA is not to be expected - at least not under Trump.

The Swiss economy is reacting with alarm. The umbrella organization Economiesuisse calls the measure "unjustified" and warns of a "very serious burden" for Swiss export companies.

The association is calling on the Federal Council to achieve a rapid reduction in customs duties. Switzerland is an important investor in the USA - Swiss companies secure around 400,000 jobs. The bilateral relationship threatens to be permanently damaged by the measure.

Following the announcement of the new US tariff rate of 39 percent,Swissmechanic called on the national government to take decisive action. The association warned of the long-term consequences for small and medium-sized companies in Swiss industry. Switzerland must not become one of the few countries that have to struggle with structural competitive disadvantages in the long term. Swissmechanic therefore demanded a clear line from the national government.

There has also been criticism from politicians - and initial calls for countermeasures. Lisa Mazzone, President of the Green Party, repeated an old demand from the spring: "The Federal Council's ingratiation strategy has failed. It's time to tax big tech companies appropriately." Companies such as Google, Amazon and Netflix should pay ten percent of their digital turnover in Switzerland if the tariffs remain in place.

FDP President Thierry Burkart called the decision a "catastrophe" in an interview with Blick. It is a direct attack on our prosperity. And: "With this action, the USA is sabotaging both the very good and reliable relations with our country that have existed for decades and free trade as a whole", the (still) FDP President continued.

Reactions from the SVP were initially rare. On X (formerly Twitter), Joël Thüring, a member of the Basel-Stadt cantonal parliament, harshly blamed the President of the Swiss Confederation Karin Keller-Sutter for the collapse of the deal: "39%! Keller-Sutter is even more incompetent than assumed. A woman is destroying the Swiss economy." Thüring could not be reached for comment by blue News.

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