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A person is in front of Lindt Chocolate shop, on April 11, 2025, in the Basel, Switzerland.
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Switzerland is officially on holiday on Friday for the country’s national day. But many Market Supervisors Tonight news has pulled their tables back that the White House had a 39% rate rate.
That was for the alpine nation. The indications in the Swiss press were nearby when the country was close to negotiating the nearby agreement European Union, United Kingdom and JapanHe set the basic rates between 10% and 15%. He has received it instead Highest rates from any country.
This is very noticeable, accounting for a sixth of all Swiss exports. Business breathing a sign of relief in April, when the country carried out the initial plans for 31%, giving a 10% obligation with most of the world.
By the end of Thursday, new Tariff rates in a country of dozens They have not yet agreed to the organization of the framework trade with the United States into force from August 7. Given the background established by Donald Trump President Last minute period changes And the downside wire offers, which leaves the place to change the situation.
On Friday, the Department of Department of Reuters Economics said other Federal Departments of Switzerland. 39% rate does not understand the pharmaceutical sector, separately TRUMP Coping from the last comments about drug prices. CNBC contacted the white house for comment.
‘Surprised’
Among the uncertainty, reactions were very negative on Friday.
Swiss Federal Council celurbill Unfortunately, despite the progress made in bilateral lectures and Switzerland, the US will establish a multi-tariffs in the United States from the beginning. “He added that he continued to search for” negotiated solution “and contacted the U.S. authorities.
Swissmem said 39% of the manufacturing association technologies industries, exports, and therefore the whole country would have “very hard”.
“I’m surprised. These rates are based on rational bases and are arbitrary. This decision puts thousands of jobs in the industry at risk,” Stefan Brupbacher said the director of the Group said.
Beat Wittmann, President of Porta Advisors and partner, said the news gave them a “destructive” blow to the Swiss economy and companies.
“The US carries a poor-risk war in the Zigzagging War and establishes a risk-of-risk premium,” said e-mail comments. “This will lead to the weakness of the Swiss economy, Swiss Franc and Swiss Equity, especially the important sector of exports”.
The Swiss Government must recognize “Cherry collection, carbel exits and special offers”, especially for smallest states, Wittmann added.
Swiss export keys are chemicals and pharmacies, watches and jewelry, chocolate, gems and electronics.
The European Economics economist in Capital Economics, worth mentioning that the rate of 39% would be about 0.6% of Switzerland, or hoped to negotiate more with pharmacies.
For the national day the stock market was closed to the day, the indicators are fed through other means like acting in the London list Swiss watchesalmost 9% dropped in the morning.
Friday customers, investment bank analysts mentioned with Company Richemont and Swatch teamAmong those who would take the greatest successes from the news, especially related to previous expectations.
However, they added the start date of August 7 “Multiple changes to the last minute change”.
US dollar vs Switzerland Franc.
Swiss Francoists slipped around 0.4% against US dollar Friday.
However, this year comes after a giant anti-Francback, there have been 11% earnings for investors to obtain safe protection. That has He has challenged the economyIn May, Covid-19 Pandemic has been to return to deflation for the first time. Promotes the Swiss national bank June interest rates at zero.
“I don’t think it’s the end”
Rahul Sahgal, the General Manager of the Swiss Chamber of Commerce, “Squawk Box Europe” said the rate news was “very disappointing” after many negotiation turns with the US Treasury Department.
“However, I hope I hope and I don’t think it’s the end,” he said.
“First, until August 7, and also if you read the executive command, let’s leave a certain window open, let’s stop.
An element of previous agreements is committed to increase investment in the US, in the case of the EU A set of $ 600 billion together Hundreds of billion energy in additional purchases. In this, Sahgal said Switzerland was looking for an investment commitment to $ 150 billion, which was dependent on its economy size. The country has already added the largest investor in the US, he added.
Sahgal continued to be stuck in negotiations or how it was estimated that the rate of 39% was calculated, both in goods and services that the trade relationship between Switzerland and the US was balanced, but Trump focused only to the first.
“It’s a country of Switzerland, and the US is something like 30 million people. However, each Swiss was drinking a bourbon and eating a steak every day,” he said.
– CNBC Carolin Roth, Sophie Kiderlin and Ganesh Rao helped this story.
