The Swiss stock market has significantly dropped following the announcement of a 39% export tariff by the US. President Karin Keller-Sutter's phone call with Donald Trump was described as unsuccessful and led to this unprecedented tariff rate. Swiss industry associations warned of potential job losses in key sectors such as luxury brands, pharmaceuticals, and machinery. Initial expectations were for a lower 10% tariff. The Swiss cabinet has convened to discuss the impact and next steps following this economic shock on Swiss National Day.
The imposition of a 39% export tariff by Donald Trump has sent shockwaves through Switzerland's economy, threatening tens of thousands of jobs in vital industries.
Local industry associations expressed deep concern over the effects of the tariff on luxury goods, pharmaceuticals and machinery, crucial components of the Swiss export market.
President Keller-Sutter’s phone call with Trump, characterized as disastrous, resulted in a tariff much higher than anticipated, marking a significant error in diplomacy.
Swiss stock markets began trading significantly lower following the tariff announcement, indicating investor concern and the immediate negative impact on the economy.
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