Switzerland Fumes Over 39% U.S. Tariff on Its Exports

Switzerland received a rude shock on its national holiday when President Trump imposed a 39% tariff on goods imported from the Alpine country, one of the highest rates levied on any nation, Liz Alderman reported for The New York Times.

Swiss exports, including watches, precision machinery, coffee capsules, and chocolates, will be subject to the new tariffs. (Photo: Rolex Facebook)

Swiss President Karin Keller-Sutter said she had spoken with Trump on Thursday but that “no agreement could be reached.”

Swiss exports, including watches, precision machinery, coffee capsules, and chocolates, will be subject to the new tariffs unless the two sides strike a trade deal by August 7, when the revised rates are set to take effect.

Keller-Sutter vowed recently to press ahead with negotiations as she and other Swiss officials attended a ceremony commemorating the founding of the Swiss Confederation in 1291.

“We don’t want customs duties to spoil the holiday,” she said. “We simply have to get up and find solutions.”