Trump’s Shock 39% Tariff Crashes Swiss Holiday
Get caught up.
Switzerland’s political and business elite are reeling from Donald Trump’s shock punitive tariffs that landed on the national holiday that is a highlight of the country’s summer calendar.
Swiss were shocked at Trump’s decision to slap tariffs of 39% on all their imports, among the most dramatic trade announcements so far. The government had been confident it could avoid such severe measures.
The stakes are enormous. The country’s goods exports to the US totaled more than $63 billion in 2024, notching up the 13th biggest trade deficit for the world’s largest economy — a tally likely to have irked Trump. For their own part, the Swiss claim to be the seventh-largest foreign investor in America.