39% customs taxes –
According to Trump, Switzerland “steals” 40 billion in the United States. Really?
For the American president, the trade deficit between our country and his is an intolerable shortfall. Decryption.
According to US President Donald Trump, Switzerland “steals” the United States by recording a larger trade surplus than Washington.
KEYSTONE
- The United States imposes customs taxes of 39% on the Swiss industry.
- Switzerland has a trade surplus of almost 40 billion with the United States.
- Swiss companies create around 400,000 jobs in the United States.
- American digital services largely compensate for the apparent trade deficit.
The pain of the slap is still long lively, three days after the American decision of tax the Swiss industry 39%. A rate among the highest in the world, which should enter into force on August 7, 2025. The announcement, fell like a cleaver, arrived the day before the national holiday, while the Federal Council seemed rather optimistic about the outcome of negotiations with Washington.
The reason for this new turnaround by President Donald Trump? An important trade surplus that remains in his throat, explained the federal councilor Karin Keller-Sutter on Friday 1is august on the plain of the Grütli: “According to Donald Trump’s interpretation, our country makes you lose nearly 40 billion in the United States. It’s absurd. He feels like Switzerland is stealing this money. ” What are we talking about?
Taxes as a sanction
If Germany has long been the first commerce partner in Switzerland, the United States has occupied this place on the podium since 2021. In 2024, exports to the United States reached more than 65 billion francs (out of a total of 393.8 billion francs), against a little less than 46 billion for the German partner. Note that more than half of Swiss exports to the United States concern chemicals and pharmaceuticals.
As for the United States, their exports to Switzerland rise to 26.6 billion. The annual differential amounts to almost 40 billion (38.7 billion). It is this “deficit” against Washington – these liquidity that escapes the country – which tenses Donald Trump and would be the cause of the unexpected increase in customs duties for Switzerland.
The interpretation of the Republican president has aroused many wrathful protests in Switzerland: “American customs duties towards Switzerland are unjustified”, denounces EconomieSuissestating that “Switzerland does not lead to imports of American products, neither by customs duties, nor by other barriers to import”. And to recall that Switzerland “is the sixth foreign investor in the United States, where Swiss companies are responsible for around 400,000 jobs”.
“Unjustified” or even “irrational”, also launches Samuel Bendahan, economist and co -president of the socialist group with federal chambers. “There is no interest in forcing a zero trade balance between partners. All the interest of international trade is precisely to be able to take advantage of the skills and specializations of other nations. ” It therefore appears logical to the economist that a country presents a negative trade balance with a country A and positive with a country B.
“Giving up imports falls under protectionism,” continues the Vaudois national councilor. This policy can defend itself if it is a question of protecting an industry already in place. But it becomes irrational, if it is to make less well and with higher production costs. ”
A balance almost in balance
Another element which is not taken into account in the differential of 40 billion: the amount linked to the trade in services (IT, financial, etc.). “The trade balance between Switzerland and the United States is relatively balanced,” says The State Secretariat for Economy (SECO). The United States has surplus in service exports and Switzerland, in exports of goods. ” And to emphasize: “The excess in the goods trade is largely due to exports from the pharmaceutical industry and the gold trade.”
“Conversely, the GAFA – Google, Apple, Microsoft and Amazon – dominate the world market,” adds Samuel Bendahan. These American technological companies offer services such as online research, consulting, advertising, data center, etc. ”
Should we hammer it again with the tenant of the White House? Show him the figures? All figures? And will he be ultimately receptive? The Federal Council plays big. In the event of a new failure, the professor of economics Hans Gersbach already warns against the consequences.
If 39% customs duties are applied, the expert provides for a massive increase in partial unemployment as well as job cuts. A future all the darker if Donald Trump ultimately decides to also penalize the Pharma Switzerland. This could lead, according to its calculations, a “sharp decline” of gross domestic product of at least 0.7%.
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