On 7 August 2025, a new US tariff policy came into force that imposes a 39% import duty on a broad range of Swiss goods. The tariff increase follows a recent shift in US trade policy, which introduced new differentiated tariff rates based on each country's bilateral trade surplus.
While EU countries have also seen increased tariff rates (15%), the 39% rate for Switzerland stands out. Switzerland had already eliminated its own industrial tariffs on 1 January 2024 in an effort to liberalise trade and strengthen global supply chain integration. Swiss officials and business associations have since emphasised the importance of maintaining balanced and open trade relationships.
This year, within the framework of the European Free Trade Association (EFTA), Switzerland signed Free Trade Agreements (FTAs) with Malaysia, Ukraine, and Thailand (see our articles here, here, and here). An FTA between EFTA and MERCOSUR is expected soon.
In addition, Switzerland recently signed a Bilateral Investment Treaty (BIT) with Chile to promote and protect Swiss foreign investments in the region (see our article here).
Swiss companies are not only selling goods abroad. They also export key services. For example, Switzerland is a global leader in commodity trading and cross-border asset management.
The US is the most important destination for Swiss exports. The 39% tariff rate affects numerous sectors that are core components of Swiss goods exports – including precision instruments, machinery, watches, chemicals, and specialty foods. The new tariff has implications for both exporters and importers: it increases the cost of traded goods, making exports less competitive abroad and imports more expensive for buyers.
In response, Switzerland is seeking a pragmatic and diplomatic approach. In the coming weeks, this effort will likely focus on restoring more favourable access to the US market while maintaining Switzerland's long-standing commitment to open, rules-based trade.
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