Switzerland’s exports to the United States plummeted in August, according to figures released Thursday by the Federal Office for Customs and Border Security, after the Alpine country was hit with heavy U.S. tariffs of 39% imposed by the White House.
Swiss customs reported that exports to the U.S. fell by 22.1% compared with the previous month, to 3.08 billion Swiss francs (€3.3 billion), dragged down largely by watchmaking, one of the sectors hardest hit by the American tariffs.
Exports to the U.S. thus fell to “their lowest level since late 2020,” customs officials said in a statement detailing foreign trade data for August.
The decline was also partly attributable to the chemical and pharmaceutical sectors, although medicines are among the products exempted from the tariffs, customs added.
In April, the White House had set tariffs on Swiss products at 31%.
Earlier this month, Swiss Economy Minister Guy Parmelin returned to Washington to submit a new proposal, describing the talks as “constructive” without providing further details.
In August, Parmelin had already rushed to the U.S. alongside Swiss Confederation President and Finance Minister Karin Keller-Sutter, but the trip failed to sway the White House’s position.
