"A new UBS study estimates that up to 20,000 employees could their lose their jobs as a result of Donald Trump's tariffs, which had hit Switzerland on August 1st. The strong export orientation of the Swiss economy makes the country particularly vulnerable to trade barriers - although the degree of vulnerability varies significantly from canton to canton, the UBS report states."
"Export-heavy sectors such as metallurgy, chemicals, pharmaceuticals, medical instruments, and watchmaking are particularly at risk. Three cantons in particular have the highest share of exports destined for the US market and will, therefore, be most affected by job losses, They are Basel, the hub of the pharmaceutical industry, as well as Neuchatel and Jura, the centre of watchmaking. The cantons of Geneva and Vaud, on the other hand, would be less affecred, as their exports are less sensitive to the American market,"
"More US-inflicted damage This news comes at the same time as another dim forecast. The Swiss economy will likely grow more slowly than previously expected in 2026, due precisely to the US tariffs. The State Secretariat for Economic Affairs (SECO) is now expecting a weaker growth. "An updated economic scenario from SECO shows that, as a result of higher US import tariffs, the Swiss economy is likely to grow more slowly than previously expected, particularly in 2026," it said in a statement."
US 39-percent customs duties on exports to the United States could trigger mass layoffs in Switzerland, with up to 20,000 jobs at risk. The Swiss economy's strong export orientation creates pronounced vulnerability to trade barriers, with exposure varying widely by canton. Export-heavy sectors including metallurgy, chemicals, pharmaceuticals, medical instruments, and watchmaking face the greatest risk. Basel, Neuchatel and Jura have the highest shares of exports to the US and therefore the biggest potential job losses, while Geneva and Vaud are less exposed. SECO's updated scenario expects slower Swiss economic growth, particularly in 2026, because of higher US import tariffs.
Read at www.thelocal.ch
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