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Switzerland

US Revised Tariffs (%)

39

Ease of doing business

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Revised Tariff %
Original Tariff %
Country Tariff Rate %
Share of US Imports % (1 implies <1%)
39
31
1.3
1.9
Exports (in USD Bill.) 2024
Imports (in USD Bill.) 2024
Balance (in USD Bill.) 2024
24.96
63.43
-38.46

Implications

The United States imposed one of its highest reciprocal tariff rates on Switzerland in August 2025, which has had a significant impact on Swiss companies and has spurred the Swiss government to intensify trade deal negotiations.


Here is an update on the US tariffs and their impact on Switzerland as of October 2025:

Area

Status (October 2025)

Key Details

US Reciprocal Tariff Rate

39% (Implemented since August 7, 2025)

This is the steep country-specific "reciprocal tariff" rate applied to most imports from Switzerland. This rate is significantly higher than those imposed on major competitors like the EU (15%) and the UK (10%).

Trade Deal / Agreement

Negotiations Ongoing

Switzerland is actively negotiating with the US to secure a more favorable trade deal and lower the tariffs. The Swiss Federal Council stated in August 2025 that it is prepared to present a "more attractive offer" to the US. No agreement has been finalized.

Impact on Companies / Sectors

Severe—Particularly Pharma, Watches, and Machinery

The Swiss economy is highly exposed to the US market, with its largest exports facing a massive cost increase.

Specific Product/Sector Tariffs

High Tariff on Pharma Products Threatened

- Pharmaceuticals: The sector (which accounts for ∼50% of Swiss exports to the US) is under pressure. An additional threat was announced in September 2025 for a 100% tariff on branded or patented pharmaceutical products unless production is relocated to the US. (This 100% tariff has not been formally enforced as of October). - Watches: Luxury watches and precision instruments are hit by the 39% tariff, which is expected to significantly raise prices for American consumers. - Machinery: Mechanical and electrical engineering firms are attempting to mitigate the 39% tariff by adjusting their supply chains or increasing US inventory.

Swiss Countermeasures

None Planned

The Swiss government stated in August 2025 that it is not considering any retaliatory tariffs, opting instead to focus on negotiations.



Company and Economic Impact:


The 39% tariff rate puts Switzerland among the most heavily taxed trading partners by the US. Economic forecasts suggest the tariffs could reduce Swiss GDP growth by up to 0.86% in the short term, with a potential recession-level impact if the threatened 100% tariff on patented pharmaceuticals is enforced.

  • Pharmaceutical Giants (e.g., Roche, Novartis): Companies in this sector have been making strategic investments in new U.S. manufacturing facilities to try and gain an exemption from the punitive tariffs, particularly in light of the 100% tariff threat.

  • Watch Industry: The 39% tariff is seen as a severe blow, potentially leading American consumers to purchase Swiss timepieces abroad to avoid the massive surcharge.

US Revised Tariffs

Country Tariffs

Balance of Trade

Commercial Guide

Learn about the market conditions, opportunities, regulations, and business conditions in countries, prepared by U.S. Embassies worldwide, Commerce Department, State Department and other U.S. agencies’ professionals

Tariff Rate for US

World Bank staff estimates using the World Integrated Trade Solution system, based on tariff data from the United Nations Conference on Trade and Development's Trade Analysis and Information System ( TRAINS ) database and global imports data from the United Nations Statistics Division's Comtrade database.

US Imports Guide 

United States Imports from Countries during 2024, according to the United Nations COMTRADE database on international trade. United States Imports from Countries- data, historical chart and statistics - was last updated on April of 2025.

Investing in USA

theboardiQ Economic Relevance Score, ranks States of USA based on 11 parameters

Sources : ForbesUSDA Economic Research | TCGen Total Innovation Rank Index | Best States for Manufacturing | World Population Review | Tax Foundation | US News | BEA Data | Wikipedia International Trade Administration

theboardiQ's Economic Relevance Score provides a comprehensive, data-driven assessment of a nation's economic vitality and global significance. This score is meticulously calculated using 11 key parameters, each reflecting a critical facet of economic performance. It analyzes the representation of Fortune 500 companies within a nation, a strong indicator of its business environment and market size. The balance of trade surplus or deficit reveals the nation's international competitiveness and export strength. It incorporates Gross Domestic Product (GDP), a fundamental measure of overall economic output, and examine the health of key sectors like agriculture and manufacturing. The score also accounts for innovation, gauging a nation's ability to drive future growth through technological advancements. Crucial labor market indicators such as employment rates are considered, alongside fiscal policies reflected in tax rates. To capture the lived experience of citizens, it assesses cost of living and disposable income, providing insight into purchasing power and economic well-being. Finally, education levels are integrated, recognizing their pivotal role in fostering a skilled workforce and driving long-term economic development. By synthesizing these 11 parameters, theboardiQ's Economic Relevance Score delivers a nuanced and holistic view of a nation's economic standing, enabling informed strategic decisions. The Top 5 States in the assessment are Texas, North Carolina, Virginia, Florida and Washington. Texas does consistently well across most of the 11 variables especially in the areas of GDP, F500 representation in the State, Balance of Trade where it ranks 2nd nationally. North Carolina scores as the highest-ranking state nationally in manufacturing and performs consistently across the other variables. Virginia does well in disposable income where it ranks 3rd nationally. It also scores high in the variables of manufacturing and employment Florida holds the 4th ranking nationally for GDP and Tax Washington State scores the top spot for disposable income nationally, 2nd for education and 3rd for innovation. Colorado, with an overall rank of 7 scores the top spot for Education (schools and higher education). Nebraska, that ranked 10th overall, did well in Agriculture where it is ranked 3rd nationally as well as Trade Balance where it ranked 5th. Illinois, though ranked 20th overall did well nationally in F500 representation, GDP, Agriculture, and Disposable Income. Pennsylvania comes in at 21 overall doing well nationally in GDP (6th); Manufacturing (8th) and F500 representation (8th) New York scores 23rd overall with a 2 ranking in Disposable Income nationally, as well as 3rd in both F500 representation and GDP. California comes in at 29th overall and has the top spot ranking in a whopping 4 variables nationally – GDP, Innovation, Agriculture and F500 representation. However, performance in the areas of Trade Balance, Cost of Living, Tax, Manufacturing and Employment resulted in the overall ranking dipping. Wyoming at 30th overall scores the top spot nationally in the area of Tax Massachusetts at 31 overall does well in innovation where it is ranked 2nd nationally Arkansas at 36 and Alabama at 39, do well in overall Cost of Living where they are ranked 2nd and 3rd nationally, respectively. Louisiana ranked 44th overall is ranked 1st in Trade Balance nationally.

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