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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

As of late January 2026, the trade relationship between the US and Switzerland has shifted from a period of high tension to a structured—albeit costly—truce. Following a peak nominal tariff of 39% imposed in 2025, a new framework agreement reached in late 2025 has begun to stabilize the environment for 2026.


Latest US Tariffs Update (2026)

The landmark Agreement on Reciprocal, Fair, and Balanced Trade is expected to be finalized in Q1 2026. Under this deal:


  • Tariff Cap: Most Swiss imports to the US now face a 15% tariff ceiling, down from the previous 39%.

  • Reciprocity: Switzerland has agreed to reduce import duties on US industrial products, fish, seafood, and specific agricultural goods (like poultry and beef).

  • The "Pharma" Risk: While the general cap is 15%, there is ongoing uncertainty regarding Section 232 national security duties. The US has threatened up to 100% tariffs on patented drugs if production isn't relocated to the US, though the current deal aims to keep this at the 15% level.


Major Companies Impacted


The impact is split between those with "boots on the ground" in the US and those who rely strictly on exports.

Company

Sector

Impact/Response

Roche & Novartis

Pharmaceuticals

Committed to $73 billion in joint US investments to mitigate tariff risks and secure market access.

ABB

Engineering

Pledged significant investment in US production facilities to bypass import duties.

Nestlé

Consumer Goods

Highly decentralized; most products sold in the US are already manufactured locally, minimizing tariff hits.

Stadler Rail

Transportation

Investing in US manufacturing to meet "Buy America" requirements and avoid tariffs.

SMEs (Swissmechanic)

Manufacturing

Hardest hit; 75% of SMEs lack US production sites and must absorb the 15% tariff, though it is a relief from the prior 39%.

GDP and Trade Balance (YTD 2026)


The Swiss economy is currently navigating a "tariff-induced slowdown."


  • GDP Impact: EY and Swiss economists forecast that GDP growth in 2026 will be 0.6% to 0.9% lower than it would have been without the tariff barriers. Current 2026 GDP growth is projected at a subdued 0.6% to 1.1%.

  • Balance of Trade (BOT): Switzerland continues to run a trade surplus, but the gap is narrowing.

    • 2024 Context: The US goods trade deficit with Switzerland was approx. $38 billion.

    • 2026 YTD Trend: Exports to the US showed a rebound (approx. +7.6%) following the 15% cap agreement, but the US goal remains to eliminate the deficit entirely by 2028 through the $200 billion Swiss investment pledge.


Switzerland Trade SWOT Analysis (2026)

Strengths

Weaknesses

* High-value exports (Pharma, Watches, MedTech).


* Robust R&D and intellectual property.


* Strong "Swiss Made" brand premium.

* High export concentration (Pharma is 50%+ of US exports).


* Small domestic market necessitates trade reliance.


* High production costs/Strong Franc.

Opportunities

Threats

* $200B investment deal secures long-term US market access.


* Potential for "equal footing" with EU competitors.


* Digital trade principles agreed upon in the new framework.

* Re-escalation of US "Section 232" tariffs on semiconductors/drugs.


* Shift of high-paying jobs from CH to US facilities.


* Global slowdown in demand for luxury/precision goods.

Trump's Remarks on Switzerland Tariffs at Davos 2026

This video provides direct context on the US administration's stance and the "strong reactions" triggered by the tariff policies discussed at the 2026 World Economic Forum.

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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