Published by Global Banking and Finance Review
Posted on August 1, 2025
BERLIN/GENEVA (Reuters) -Switzerland's government said on Friday it was assessing the situation after the White House announced a higher 39% tariff on Swiss imports to the United States in an escalating trade war between the two countries.
"Switzerland has been and continues to be in contact with the responsible authorities in the U.S.," the Federal Council said in a post on X, adding that it "continues to strive for a negotiated solution".
The government said it would analyse the new situation and decide how to proceed.
Switzerland, which described the original 31% tariff as "incomprehensible", had been working to reduce the levy on shipments to the United States, its biggest export market.
Swiss business leaders and officials have underlined how much Switzerland spends in the United States: the European country is the 7th largest investor in the United States.
Swiss pharmaceutical giant Roche has said it will invest $50 billion in the United States while rival Novartis has committed $23 billion, while other Swiss companies including chocolate maker Barry Callebaut and engineering group ABB have also announced investments.
Finance Minister Karin Keller-Sutter and Economy Minister Guy Parmelin have visited Washington for talks to press Switzerland's case.
Swiss officials drafted a preliminary framework for a deal at a technical level with U.S. officials in early July. Since then, they have been waiting for a sign-off from U.S. President Donald Trump, according to a person familiar with the matter.
Switzerland sent about 65 billion Swiss francs ($80 billion) of goods to the United States in 2024, or about one sixth of its total exports of 394 billion francs.
Total trade with the U.S. was 91.9 billion francs, or about 12.7% of all imports and exports, Swiss government data show.
Switzerland's trade surplus with the United States last year was almost 38.7 billion francs.
($1 = 0.8134 Swiss francs)
(Writing by Rachel More. Editing by Jacqueline Wong and Mark Potter)
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