Trade

How Switzerland’s Tariff Drama Swung From Hope to Despair

Karin Keller-Sutter, Switzerland’s president, center, and Guy Parmelin, Switzerland’s economy minister, center left, arrive at the US State Department in Washington on Aug. 6.Photographer: Kent Nishimura/Bloomberg

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By Bastian Benrath-Wright and Hugo Miller

August 9, 2025 at 7:30 AM UTC

On July 4, as the US celebrated Independence Day, Switzerland’s top circle of ministers also had reason to rejoice. They’d secured a deal to avoid punitive tariffs from Donald Trump — or so they thought.

Three and a half weeks passed before Swiss President Karin Keller-Sutter or anyone else in the cabinet realized things were about to go horribly wrong. When Trump announced his tariff verdict, Switzerland was handed the highest levies in the developed world.