Swiss economy

The U.S. imposed tariffs up to 39% on Swiss goods, a move considered a “catastrophic blow” by Swissmem. The tariffs, second highest after Syria, sent Swiss “concept stocks” tumbling, with Roche, UBS, and watch group shares declining. The U.S. is a key export market for Switzerland, and the country had anticipated lower tariffs similar to those with the EU. Experts predict a negative impact on Swiss GDP, the franc, and export-reliant companies. The tariffs are scheduled to take effect on August 7th, but adjustments are still possible.