US President Donald Trump has escalated his trade policy by imposing blanket tariffs on numerous goods, with Switzerland being particularly affected, incurring a 31% increase. The measure, set to take effect on April 5, initially foresees a minimum tariff of 10%. Countries considered “worst offenders” by the White House will face higher tariffs from April 9.
Trump referred to April 2 as a “liberation day” for the US economy and strongly criticized long-standing trade partners. According to his view, the US has been disadvantaged by existing tariff regulations. The administration argues that the new tariffs will create a balance, as they are only about half of what other countries have imposed on the US.
Reactions to Trump’s decision are palpable in Switzerland. The euro exchange rate rose due to the uncertainty, while the Swiss stock market pulled back. The SMI fell by 1.5%. Cryptocurrencies were also affected, albeit moderately, with Bitcoin losing about 2% in value shortly after the announcement. Gold, on the other hand, rose to a new all-time high, driven by the growing uncertainty surrounding the impending trade war.
Affected industries, particularly watch and pharmaceutical companies, are expressing concern. Representatives of the Swiss economy are calling for swift diplomatic measures to avoid further straining trade relations with the US. Meanwhile, the debate is growing over the country’s dependence on international markets and the need to explore alternative sales markets.
The measures are part of Trump’s “reciprocal tariff” strategy, aimed at pressuring trade partners. Critics warn of the economic consequences, as uncertainty in global trade is increasing. Experts see the escalation as a shift away from rule-based trade to a policy of power demonstration.