What do Trump's new tariff threats mean?

What do the new tariff threats mean for Switzerland?

Helene Budliger Artieda: It was clear to us that the story surrounding the US tariffs was not over. Switzerland knew that these investigations were taking place and we are vehemently defending ourselves against the accusations. Switzerland condemns all forms of forced labor. It looks like additional tariffs of 12.5 percent could be added to the mostly favorable tariffs. That would be a deterioration on the status quo of 2.5 percent. However, it is also rumored that there will continue to be exemptions for products that do not exist in the USA or that do not grow there, such as bananas.

What consequences could the investigation into overcapacity have?

Only the USA knows. We have clearly pointed out that production in Switzerland is clearly more expensive. To conclude from this that we are entering the US market with cheap prices and poor quality is difficult to understand. In addition, liberal Switzerland is not known for extensive subsidies.

How much are Swiss companies suffering?

The Swiss economy is once again proving to be very resilient, also thanks to its broad diversification, for example in the life sciences, mechanical, electrical and metal industries, watches and food, where it is one of the largest coffee exporters in the world. The Swiss regions are affected differently. In the Jura Arc in particular, short-time working increased relatively quickly last year. There are also clusters of export-oriented industrial companies in Central Switzerland and Ticino that are suffering.

Representatives of Swiss private companies traveled to the USA in November 2025 to draw US President Donald Trump's attention to the consequences of the high tariffs. This also triggered criticism in Switzerland.

I am very grateful to the entrepreneurs who got involved. I have great difficulty with the statement that they only did it out of business interests. They wanted to help Switzerland - because if it had been purely a matter of private interests, they could have done it without our involvement. Cooperation between the Federal Council, the administration and the private sector is important and is also common practice in Switzerland, even outside of negotiations. With a small market of 9 million inhabitants, it must be able to bring something to the table.

When will the legally binding customs deal with the USA be signed?

You'll have to ask the US Trade Representative. All I can say is that intensive negotiations are continuing in parallel with the investigations. The temporary tariffs due to the allegedly serious balance of payments deficit expire on July 24.