FX.co ★ Swiss Franc at Over 1-Month Low

The Swiss franc has continued its downward trend, reaching approximately 0.82 per USD, marking its lowest point since June 20. This decline follows the decision by the US administration to impose a 39% tariff on Swiss goods, including luxury items such as watches and pharmaceuticals. Set at one of the highest rates globally, this tariff surpasses the initial 31% proposed in April and is expected to significantly impact Switzerland's export-driven economy. On July 31, President Trump enacted an executive order establishing a 10% global minimum tariff, with potential increases to 15% or higher for countries with trade surpluses with the US. As a result of these elevated US tariffs on Swiss exports, the Swiss National Bank (SNB)—which had already reduced interest rates to zero in June—may be pressured to adopt a more accommodative monetary policy. The next policy meeting is slated for September 25, 2025.