Switzerland is facing a significant 39-percent tariff set to take effect, one of the highest among economies affected by new U.S. tariffs. This situation caused a drop in the Swiss stock market of over two percent. President Karin Keller-Sutter indicated that Trump perceives Switzerland's trade surplus as unfavorable. The Swiss Federal Council is committed to ongoing negotiations to secure a trade deal. Experts warn that tariffs could reduce Switzerland's annual economic growth by up to 0.7 percent, especially impacting the pharmaceutical sector if included.
The looming tariff put Switzerland 'at a distinct disadvantage compared with other trading partners with similar economic profiles', citing lower duties for the EU, Britain and Japan.
Swiss President Karin Keller-Sutter has said Trump believes that Switzerland 'steals' from the United States by enjoying a trade surplus of 40 billion Swiss francs ($50 billion).
Hans Gersbach, deputy head of the KOF Swiss Economic Institute, stated that the tariffs could cut the country's annual growth by between 0.3 and 0.6 percent.
The Swiss Federal Council said it would 'continue negotiations with the aim of reaching a trade deal', even beyond the Thursday deadline.
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