On August 7, 2025, the United States introduced an additional tariff of 39 percent on numerous Swiss exports – significantly higher than for most other countries. The Trump administration justified this move by citing unequal trading conditions and the persistent U.S. trade deficit with Switzerland. Liechtenstein, which is customs-linked to Switzerland, got off relatively lightly with additional tariffs of 15 percent.
The tightened tariff policy presents major challenges for many Swiss export companies. The U.S. has been one of Switzerland’s most important sales markets for years. According to the Federal Council, almost one-fifth of all exports go to the U.S., with a substantial portion now subject to the new special tariff. Industries particularly affected include machinery and equipment manufacturing, the metal and electrical industry, parts of the medical technology sector, as well as watch and precision instrument makers.
In addition to these new surcharges, the existing import tariffs on steel and aluminum under Section 232 of the Trade Expansion Act continue to burden Swiss companies. These tariffs were originally introduced for reasons of national security and still apply unchanged to Switzerland. As of August 18, 2025, the Bureau for Industry and Security has also added over 400 further tariff codes to the list. For several dozen positions, classification remains pending while other proceedings are ongoing. Beyond the financial burden, it is particularly the additional documentation and declaration requirements that significantly increase the workload for exporters.
The Federal Council is currently trying, in direct talks with Washington, to achieve a reduction of the 39-percent tariffs and is calling for equal treatment comparable to the EU. For now, it has deliberately refrained from imposing counter-tariffs so as not to place an additional burden on the domestic economy. Instead, the strategy focuses on dialogue, targeted support for affected companies and stronger alignment with alternative export markets.
For companies themselves, this means that medium- to long-term strategic realignment may be unavoidable. Discussions include, among other things, a critical review of existing supply chains, shifting individual production steps to countries with more favorable trading conditions, or expanding local presence directly in the U.S. At the legal level, various instruments can also be used to at least partially mitigate the burden:
- Check non-preferential rules of origin: Since the U.S. applies its own rules, such as the principle of “substantial transformation,” it may be worthwhile to carefully review origin determinations.
- Use free trade agreements: Stronger diversification into markets with favorable agreements can reduce dependence on the U.S.
- Analyze tariff codes: Adjusting the tariff codes used can, in some cases, result in lower tariff rates or open up exemptions.
- Apply the first-sale rule: Under certain conditions, the lower price of an initial sale can be used for customs valuation, reducing the duties accordingly.
The current situation is undoubtedly demanding. Nevertheless, it could also serve as an incentive for Swiss companies to reassess existing structures and to make more consistent use of the full range of customs and trade policy options – not only with regard to the U.S. but also to other key markets.