This April, Switzerland found itself at the center of renewed trade tensions with the United States, after the Trump administration imposed 31% tariffs on certain Swiss imports. The move — harsher than those targeting the European Union (20%) and the United Kingdom (10%) — was justified by Washington because Bern maintains disproportionately high duties on American goods.
The Swiss government expressed dismay. Federal Councilor Guy Parmelin underscored the strong presence of Swiss firms in the US economy, both in terms of investment and job creation. President of the Confederation Karin Keller-Sutter reminded Washington of Switzerland’s eliminating tariffs on many US industrial products. Initial diplomatic efforts led to a partial easing of the tariffs, but concerns persist—particularly regarding their possible extension to the chemical and pharmaceutical industries. A proposed 15% levy on such goods would directly impact a key pillar of Swiss exports, which relies on pharmaceutical shipments for roughly 40% of its trade with the US. Giants like Novartis and Roche could see their operations affected, especially those lacking production facilities on American soil. According to Farma Industria Ticino, price increases would likely hit US consumers, as healthcare pricing in the United States is largely unregulated. Switzerland’s State Secretariat for Economic Affairs (SECO) has emphasized the strategic need for a stable trade
agreement with Washington, to ensure predictable conditions for exporters.
At the same time, Switzerland is recalibrating its European ties. In a rare political step, it took part in a summit of EU finance ministers, seeking closer economic coordination
with Brussels amid growing global uncertainty. This dual-track approach—managing transatlantic friction while deepening cooperation with the EU—reflects a broader challenge for Swiss foreign policy: balancing national sovereignty with continued access to global markets in an increasingly volatile geopolitical landscape.
