Trade Trump's assessment of the deficit "absurd" in the view of the Federal Council
According to President Karin Keller-Sutter, US President Donald Trump only focused on the alleged trade deficit of almost CHF 40 billion when deciding on tariffs. The Federal Council considers the assessment of this deficit to be "absurd".
01.08.2025, 15:08
SDA
From the US President's point of view, Switzerland is to blame for a deficit of CHF 38.9 billion, as Karin Keller-Sutter told the media on the Rütli on Friday. From the Federal Council's point of view, however, this is absurd. But it is important for Trump. Put simply, for him it is "money stolen from the USA". In his opinion, Switzerland must compensate for this loss.
She explained the high percentage of 39 percent with the aforementioned deficit. "38.9 billion francs deficit, 39 percent tariffs, that's close together," said Keller-Sutter.
The Federal Council was disappointed with the decision because the Swiss and US delegations had reached an agreement. Keller-Sutter did not say what tariff rate was involved. But it was much lower.
This agreement had also been supported by cabinet members of the US government. However, these members apparently did not get through to the President, although Switzerland had received other signals. It is also possible that the proposal was not submitted to the US President at all or was not discussed in detail with him. But that is speculation, said Karin Keller-Sutter. It was simply about the trade deficit. Originally, however, the creation of jobs in the USA had also been an issue.
What is still possible and how to proceed is now being analyzed. The Department of Economic Affairs will make an assessment and submit the analysis to the Federal Council. The President of the Swiss Confederation did not want to anticipate what the final solution would look like. But it was clear that the tariffs would cause damage. And "not just the 39 percent, but all the tariffs that have been determined", emphasized Karin Keller-Sutter. This would certainly have an impact on the global economy.
According to Keller-Sutter, companies have the option of short-time working to cushion the impact domestically. The reduction of regulations is also an issue that is already being discussed. Further measures to support the economy are not currently under discussion, said the President of the Swiss Confederation.
