Published by Global Banking and Finance Review
Posted on August 19, 2025
2 min readLast updated: January 22, 2026
Victorinox considers U.S. production to mitigate tariffs, potentially reducing customs duties by 10% to 15% amid rising U.S. tariffs on Swiss imports.
BERLIN (Reuters) -Victorinox, maker of Swiss army knives, is considering moving part of its production to the United States to lessen the impact of import tariffs on its business, the company's CEO told German business magazine WirtschaftsWoche.
"We are looking into carrying out directly on site individual processing steps at the end of the value chain, such as the final cleaning and packaging of commercial knives," CEO Carl Elsener said in an interview published on Tuesday.
"That would reduce the value of the goods on which we have to pay customs duty by 10% to 15%," he added.
Switzerland has been particularly hard hit by Washington's trade policy under President Donald Trump, who earlier this month ratcheted up U.S. tariffs on Swiss imports to 39%.
The U.S. is an important market for Swiss machinery, watches and chocolate.
Victorinox, which makes commercial knives as well as its well-known pocket knives, generates some 13% of its revenue in the country.
Elsener told WirtschaftsWoche the customs duties were coming at an already difficult time. "The strong Swiss franc has put our competitiveness and our margins under considerable pressure," Elsener said.
Still, high inventories in the U.S. meant the tariffs would not affect Victorinox until early next year, he added. For now, the firm would wait and see how things develop, he said.
Economic uncertainty caused by Trump's trade policies has fueled demand for the safe haven Swiss franc, boosting the currency and making Swiss-made goods dearer abroad.
(Writing by Rachel More and Dave GrahamEditing by Madeline Chambers)
Victorinox is considering moving part of its production to the United States to lessen the impact of import tariffs on its business.
Victorinox generates approximately 13% of its revenue in the United States.
The tariffs increase the customs duties on their products, which are already affected by the strong Swiss franc, putting pressure on their competitiveness and margins.
Due to high inventories in the U.S., the tariffs will not impact Victorinox until early next year.
Economic uncertainty caused by U.S. trade policies has increased demand for the Swiss franc, making Swiss-made goods more expensive abroad.
Explore more articles in the Headlines category
