04.08.2025 11:13

Switzerland faces a looming crisis as a 39% US tariff on its exports threatens to devastate its economy within days. The unexpected announcement last week, delivered by the Trump administration, blindsided Swiss officials who believed a trade agreement was imminent, requiring only the President's signature. Instead, this abrupt imposition of steep tariffs has thrown the country into a scramble to salvage the situation.

Speculation abounds regarding the cause of this sudden shift. Some sources, citing Reuters, suggest a contentious phone call between President Trump and Swiss President Karin Keller-Sutter may have been the catalyst. However, Swiss authorities have refuted this claim, leaving the precise reasons for the tariff imposition shrouded in uncertainty. With the deadline fast approaching, the Swiss government is grappling with the fallout.

Responding to the crisis, Swiss Economic Affairs Minister Guy Parmelin expressed willingness to amend the country's trade proposal. However, he cautioned that negotiating a new agreement before the tariff implementation is a considerable challenge. An emergency cabinet meeting was convened on Monday to formulate a response strategy, highlighting the urgency and seriousness of the situation.

Meanwhile, across the Atlantic, US Trade Representative Jamieson Greer dashed any hopes of immediate tariff relief, stating unequivocally to CBS News that the current rates are firmly established. This statement effectively extinguished any short-term optimism, leaving Swiss businesses facing a potentially catastrophic blow. Economiesuisse, the main Swiss business group, voiced shock and alarm at the tariff announcement, with Jan Atteslander describing it as a complete surprise. He emphasized that a 39% tariff would be crippling for many companies, effectively halting trade with the US, a crucial market for Swiss exports. Despite diversification efforts, Atteslander underscored the irreplaceable importance of the US market for Switzerland’s economy. The country's heavy reliance on exports makes this situation particularly precarious.