In addition to existing tariffs, the White House has announced that it is imposing an import duty of 39 per cent on Swiss goods from 7 August. The Swiss-American Chamber of Commerce (Swiss Amcham), the Zurich Chamber of Commerce (ZHK) and Swiss trade associations including Scienceindustries, Swissmem and Interpharma have criticized the decision, expressing concern about the potential consequences for the Swiss economy.

Swiss Amcham CEO Dr. Rahul Sahgal described the decision as disappointing, especially given Switzerland's intensive efforts at the highest political and diplomatic levels. Additionally, the ZHK and Scienceindustries pointed out that the announced base rate of 39 per cent is well above the tariffs for companies from the EU (15 per cent) and the United Kingdom (10 per cent). The export-oriented Swiss economy thereby faces a competitive disadvantage in the international market along with a subdued investment climate, they said.

While the Trump administration has suggested that it remains open to further talks, the Swiss government must now act immediately and continue a dialogue in order to reduce the increased tariffs as much as possible, say the business associations. “Companies must not face any new burdens. Additional taxes and levies, higher incidental wage costs and cost-intensive regulations should be avoided,” added Raphaël Tschanz, Director of the ZHK.

Scienceindustries, the trade association for the Swiss chemical, pharmaceutical and life sciences industries, “calls on the Swiss authorities to continue their diplomatic efforts and to press for the measures to be withdrawn or mitigated”. According to a statement from Swissmem, the association for SMEs and large companies in the Swiss tech industry, “tens of thousands of jobs in Switzerland” are at risk. Another statement from Interpharma, the association of research-based pharmaceutical companies in Switzerland, focuses on the urgent need to continue the talks.

Politicians are already discussing the long-term consequences of the tariffs. Among others, Free Democratic Party of Switzerland (FDP) member Andri Silberschmidt, who serves in the Swiss National Council, the lower house of the Federal Assembly, has called for Switzerland to place an even greater focus on developing and using key technologies. “This will strengthen our geopolitical relevance,” wrote Silberschmidt, “which is more important than ever in today's turbulent times.”

The Zurich-based politician and entrepreneur will be speaking at the Open-i innovation conference in November, where he will discuss strategies for maintaining Switzerland's position in the international innovation landscape amid current turmoil.

US tariffs on Swiss goods attract criticism

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