Swiss-US trade relations

Since April 5, 2025, a flat-rate additional duty of 10% has been imposed on all imports (with the exception of certain products) into the US from all countries (special customs regulations apply to China, Mexico, and Canada, among others).

These tariffs affect important Swiss export products such as machinery, watches, cheese, and processed foods (coffee capsules, energy drinks, chocolate).

No additional tariffs are currently planned for exports from the chemical and pharmaceutical industries or for certain precious metals.

An increase in trade tensions is not in Switzerland's interests. Countermeasures against US tariff increases would entail costs for the Swiss economy, in particular by making imports from the USA more expensive. The Federal Council is therefore not planning to impose any countermeasures at the present time.

The Federal Council is generally cautious with regard to pursuing active economic policy and company-specific cushioning measures. Switzerland has a broad social security network and comprehensive automatic stabilisers such as unemployment insurance (UI) with unemployment and short-time working compensation, as well as the tax system in conjunction with the debt brake. It also believes that the macroeconomic impact of an active economic policy in an open economy such as Switzerland is limited. After all, the Swiss economy has proven to be comparatively resilient in past crises and the automatic stabilisers sufficiently effective. The Federal Council will continue to actively monitor the situation and propose appropriate measures de-pending on the extent to which Switzerland is affected. At this point in time, domestic economic policy measures would be premature.

The economic impact depends on the US tariff decisions, the responses of other countries and economic developments abroad. The forecast issued by the Expert Group on Business Cycles on 18 March was based on the situation on 10 March. Below-average growth was forecast for the Swiss economy. A negative scenario illustrating a generalised introduction of US import tariffs showed a significant slowdown in the economy and a halving of growth in 2026, but no slump in the Swiss economy. The decisions taken by the USA on 2 April have increased the likelihood that the economy will develop less favourably than expected in the economic forecast.

SECO is monitoring developments on an ongoing basis. The next economic forecast is scheduled for 16 June. Should there be a rapid escalation, an interim assessment would be possible.

The bilateral balance of trade between Switzerland and the USA is relatively even. The USA has a surplus in service exports and Switzerland in goods exports. Switzerland's goods export surplus is not due to ‘unfair’ trade practices. Switzerland abolished all industrial tariffs as of 1 January 2024. 99% of all goods from the USA can be imported into Switzerland duty-free.

Switzerland does not provide market-distorting industrial subsidies. The goods trade surplus is attributable to a significant extent to exports from the chemical and pharmaceutical industry and the gold trade. Switzerland has specialised in the chemical-pharmaceutical industry for decades and accordingly invests a great deal in research and development in the USA (largest foreign investor in research and development activities).