Switzerland Considers Revising Tariff Offer Amid U.S. Trade Tensions

August 4, 2025 - 01:29

ZURICH - The Swiss government is contemplating adjustments to its tariff proposal in light of the United States' planned heavy import duties, according to Business Minister Guy Parmelin. Experts have expressed concern that the 39% tariffs announced by President Donald Trump could potentially lead to a recession in Switzerland. The sudden announcement on Friday left the Swiss government and industry leaders in shock, as the tariffs represent one of the highest rates imposed during Trump's global trade overhaul.

Industry associations have raised alarms about the potential impact on the Swiss economy, warning that tens of thousands of jobs could be at risk if the tariffs are enacted. In response to these developments, the Swiss cabinet is scheduled to hold an extraordinary meeting on Monday to deliberate on their course of action. Parmelin indicated that the government is prepared to act swiftly to address the situation before the tariffs are set to take effect on August 7.