Switzerland plans to revise its trade offer following the US announcement of 39% import tariffs amid rising economic concerns.
The Swiss government is preparing to revise its offer to the US following the announcement of 39% import tariffs set to take effect on 7 August 2025.
The tariffs target Switzerland amid concerns over the US trade deficit, which reached CHF 38.5 billion (USD 48 billion) last year.
Swiss Business Minister Guy Parmelin stated, “We need to fully understand what happened, why the US president made this decision. Once we have that on the table, we can decide how to proceed,”He added “The timeline is tight, it may be hard to achieve something by the 7th, but we’ll do everything we can to show goodwill and revise our offer”.
Possible responses include increased Swiss purchases of US liquefied natural gas (LNG) and further investments by Swiss companies in the US, the country’s largest export market for pharmaceuticals, watches, and machinery. Parmelin and Swiss President Karin Keller-Sutter are prepared to travel to Washington to continue talks if necessary.
Economists warn the tariffs could reduce Swiss GDP by 0.3% to 0.6%, rising above 1% if pharmaceuticals are included, increasing the risk of recession. The tariffs are also expected to impact Swiss stock markets and may prompt the Swiss National Bank to cut interest rates further in September.
Earlier, US President Donald Trump signed an executive order on 31 July 2025, imposing high tariffs on exports from several countries—including Canada (35%), Brazil (50%), India (25%), Taiwan (20%), and Switzerland (39%).
