Finance
SNB says lower US tariffs welcome, but not a game changer
Published by Global Banking and Finance Review
Posted on November 23, 2025
2 min readLast updated: January 20, 2026
Global Banking and Finance Review
Company
Published by Global Banking and Finance Review
Posted on November 23, 2025
2 min readLast updated: January 20, 2026
The US reduced tariffs on Swiss exports from 39% to 15%. While beneficial, the Swiss National Bank says it won't significantly impact the economy as it affects only 4% of exports.
ZURICH (Reuters) -A deal to cut U.S. tariffs to 15% from 39% is helpful but not a "game changer" for the Swiss economy because the duties have only hit a small proportion of exports, Swiss National Bank Chairman Martin Schlegel said on Saturday.
Last week Switzerland and the U.S. reached a preliminary agreement to cut the duties after U.S. President Donald Trump in August imposed the highest tariffs on any country in Europe on the Alpine Republic, whose economy is strongly export-oriented.
The Swiss central bank chief said that lower U.S. tariffs were clearly an improvement for Swiss firms.
"Overall we think it's not a game changer and is unlikely to significantly alter the economic situation, as this adjustment from 39% to 15% only affects around 4% of Swiss exports," he said at an event organised by the Efficiency Club in Zurich.
Although tariffs have severely affected some businesses, such as machinery makers, many firms have been exempt, including major Swiss pharmaceutical companies. That industry accounts for the lion's share of Swiss exports.
Schlegel, who said U.S. trade policy was the main cause of economic uncertainty, noted Swiss firms front-loaded shipments to the U.S. ahead of the introduction of tariffs. Now they would likely wait until the tariff cut had been implemented, he said.
Earlier, Swiss Economy Minister Guy Parmelin said he expected the tariff reduction to take effect from early December.
(Reporting by Dave Graham. Editing by Toby Chopra and Mark Potter)
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