FX.co ★ Swiss Exports Face 39% U.S. Tariff

President Donald Trump of the United States has enacted a significant 39% tariff on imports from Switzerland, among the highest globally, following unsuccessful trade discussions. This rate, formalized in a Thursday executive order, surpasses the initially threatened 31% from April, extinguishing any remaining hopes for a negotiated settlement. The Swiss government has expressed "great regret," emphasizing that this tariff "significantly diverges" from the draft framework previously under negotiation. Swiss President and Finance Minister Karin Keller-Sutter shared on the platform X that she had a final conversation with President Trump, who remains intent on addressing the U.S. trade deficit, which stood at USD 38 billion with Switzerland last year. While other trade partners, such as the EU, Japan, and South Korea, secured tariff rates of 15%, Switzerland’s domestic factors, including strong agricultural lobbying and limited room for new concessions, may have impeded their ability to reach an agreement. Despite months of diplomatic efforts, Switzerland's propositions — such as reduced tariffs on U.S. citrus and relaxations on medical device approvals — appear to have been inadequate.