The Federal Council determined to proceed negotiations with the US after the July 31 announcement that roughly 60% of all Swiss exports to the US would face further 39% tariffs beginning August 7.
Switzerland faces considerably greater tariffs than different comparable US financial companions, with the EU at 15%, Japan at 15%, and the UK at 10%.
In response, Swiss officers have developed new approaches for talks with the US authorities and are making efforts to current an “even more attractive offer” on this new part of negotiations.
The Federal Council emphasised that Switzerland’s commerce surplus isn’t the results of unfair competitors, noting that Switzerland abolished all tariffs on industrial merchandise as of January 1, 2024, permitting over 99% of US items to enter Switzerland duty-free.
Switzerland and the United States keep a detailed financial partnership, with bilateral commerce quadrupling over the previous 20 years. Switzerland ranks sixth in international funding within the US and leads in analysis and growth funding.
The Swiss authorities isn’t presently contemplating countermeasures however talked about that short-time work compensation is obtainable to assist firms keep away from layoffs resulting from momentary work stoppages which will consequence from the brand new tariffs.
The Federal Council acknowledged it’ll proceed monitoring the scenario’s affect on the Swiss economic system and may take swift motion if vital.
