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Higher Tariffs on Swiss Imports May Impact Luxury Goods and Pharmaceuticals
Higher Tariffs on Swiss Imports May Impact Luxury Goods and Pharmaceuticals
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BTCCSquare news:
President Donald Trump's administration plans to impose a 39% tariff on Swiss imports, marking the fourth-highest rate in its latest "reciprocal" tariff list. The move, effective August 7th, aims to address the $38.5 billion trade deficit with Switzerland. Key imports such as Nespresso products, watches, and pharmaceuticals—which accounted for $18.9 billion in 2023—are likely to see price increases.
Switzerland's General Counsel expressed disappointment, citing progress in bilateral talks and a constructive stance. The U.S. imported $63.4 billion worth of Swiss goods last year, including nearly $15 billion in precious metals and machinery. Market analysts warn of potential Ripple effects on consumer electronics and luxury sectors.
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