New US tariffs: strategies for Swiss companies

What did the US administration originally decide on 2 April 2025?

On 2 April 2025, the US introduced a baseline tariff of 10 percent on all imports into the US, effective from 5 April 2025. It was also decided to impose additional tariffs of between 11 and 49 percent on selected countries from 9 April 2025. Exports of steel and aluminium, which are already subject to a 25 percent tariff, are exempt from the new duties. Further details on the executive order dated 2 April 2025 can be found directly on the White House website.

What adjustments did the US administration make to tariffs on 9 April 2025?

On 9 April 2025, the US government suspended country-specific tariffs for 90 days with immediate effect. However, the universal baseline tariff of 10 percent remains in place. For Switzerland, the new US tariff will therefore be 10 percent instead of 31 percent. Only China remains subject to a country-specific US tariff. This has been increased to a total of 125 percent (see the White House executive order dated 8 April 2025).

The 31 percent tariffs for Switzerland only applied for one day. What impact will they have on the Swiss economy?

Reciprocal tariffs of 10 percent remain a heavy burden and, in Switzerland’s case, pose a challenge for the export industry. Overall, however, the reduction in tariffs is good news for the Swiss economy.

Tariffs are currently suspended for 90 days. What does this mean for Swiss foreign policy?

There is still considerable uncertainty on the market. The Federal Council’s priority is to stabilise the situation and thereby minimise uncertainty. While tariffs have been postponed for the time being, they have not been abolished. It is not in Switzerland’s interests to see trade tensions escalate. Countermeasures against US tariff hikes would come at a cost to the Swiss economy, notably through higher prices for imports from the US. The Federal Council is therefore not planning any countermeasures at present. The Federal Council’s aim is for the temporary suspension not to be revoked after the 90 days are up.

What impact will the tariffs have on Swiss export industries?

Even though the tariff has been reduced to 10 percent, US tariffs remain a serious burden on the Swiss economy, which is heavily dependent on exports. These tariffs come into force at a time when the export outlook in other sales markets is already poor and further exacerbates the situation for Swiss exporters.

How will these customs measures affect businesses in concrete terms?

In light of these developments, it is crucial for companies to closely monitor the changing shape of international trade relations so that they can take a proactive and agile approach to different situations. Let’s consider a concrete example: A Swiss company procures raw materials, semi-finished products or finished goods from countries with high US tariffs for further processing and sale in the US. In this case, the overall impact of customs costs on value chains must be assessed. This can vary significantly depending on factors such as the place of origin and the rules of origin under any free trade agreement with the US (e.g. preferential tariffs, non-preferential origin, etc.).

What proactive steps can companies take?

In light of the tariffs announced in recent weeks, many companies have already carefully analysed their data and value chains, and worked out various scenarios. Following the latest announcements, companies should focus on implementing tariff reduction strategies and exploring different options. Here are a few examples: