According to a report released Thursday by Swiss customs, Swiss exports to the United States fell sharply in August after Washington imposed a 39% tariff.
The customs data shows that exports excluding gold dropped 22% from July, led by a steep decline in watch shipments.
Imports from the U.S. remained steady, narrowing the bilateral trade deficit by roughly one-third to 2.06 billion francs ($2.6 billion), the second-lowest since 2020.
Gold exports to the U.S. collapsed almost entirely, plunging 99% to just 0.3 tons. Watches, among the goods targeted by the tariff, fell 8.6% on the month, while pharmaceuticals — which remain exempt — slipped 1.3%.
The tariff, the highest imposed on any developed nation, was aimed at correcting persistent imbalance in goods trade with Switzerland.
A Swiss government appeal to soften the measure was rejected, though negotiations are ongoing. However, last week, U.S. Commerce Secretary Howard Lutnick said a deal is “probably” forthcoming.
By CEO NA Editorial Staff
