American customs duties of 39% on Swiss imports directly concern 100,000 jobs in Switzerland, mainly in watchmaking, the machinery and metals industry, as well as food, warned the Economiesuisseuisu.
For the Federation of Swiss Businesses, “the consequences could be even heavier, as suppliers and service providers also suffer indirectly”.
Washington announced on August 1 that Swiss exports to the United States will be subject to customs duties of 39% from August 7, arguing from the trade deficit between the two countries. Pharmaceutical products, the Swiss export engine, are currently exempt, but President Donald Trump has promised them to them up to 250% if pharmaceutical groups do not reduce their prices.
“If customs duties were to be taken from medicines, many positions would also be affected in the pharmaceutical industry,” warned Economiesuisse.
In detail, electronics and watchmaking see nearly 20,000 jobs affected by customs duties, followed by the food and tobacco sector (nearly 14,200 stations) and the pharmacy (around 13,900 jobs).
Suppliers also in turmoil
“In reality, exporting companies probably have more employees, on average, which is why the actual number of people concerned should be higher,” warned the scheme.
According to the Federation, “the negative consequences of the competitive disadvantage represents by American customs duties will not be limited to companies that export to the United States”, but “will also affect suppliers of the Swiss export industry”.
While the Federal Council said it was determined to continue dialogue with the United States, Economiesuisse called on political leaders to “quickly and effectively lighten the administrative and regulatory charges of companies” and to “compensate for competitive disadvantage in the American market by improving framework conditions in Switzerland”.
This article was published automatically. Sources: ATS / AWP