Switzerland's tariff shock: The 39% U.S. hit no one saw coming [View all]

Source: cnbc.com


Published Fri, Aug 1 20258:15 AM EDT Updated 3 Hours Ago


Swiss businesses and negotiators have been stunned by news overnight that the country faces a 39% U.S. import tariff from Aug. 7, one of the highest rates in the world.
The duty would be a devastating blow to the export-reliant economy and threaten thousands of jobs, industry groups said.
However, analysts stressed that there remained time to negotiate “last minute tweaks and changes” before the new deadline, while the head of the Swiss-American Chamber of Commerce told CNBC it was not “the end.”



Switzerland is officially on holiday Friday for the country’s national day. But many market watchers have been hauled back to their desks by news overnight that they have been hit with a 39% tariff rate by the White House.

That came as a shock to the Alpine nation. Indications in the Swiss press had been that the country was close to negotiating an outline deal similar to those struck by the European Union, the U.K. and Japan, which set baseline tariffs between 10% and 15%. Instead, it has received one of the highest rates of any country.....................

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