The Swiss Stock Exchange remains imperturbable

The customs tariffs are there, but margins of negotiation remain in the short term. Consequently, The Swiss trade surplus with the United States is structural, but has rarely been so high that in 2024. For example, Half from pharmaceutical exports, and gold recently jumped in sales, a classic phenomenon in times of tension. Nevertheless,

Donald Trump has already exempted gold from taxes. This already makes us 21% of Swiss exports to the United States totally exempt from taxes.

It remains to identify what really irritates Washington.

The opening of foreign markets to American products, dear to Washington swiss stock exchange remains imperturbable in these negotiations, is not a problem here because since January 1, 2024, Switzerland has abolished all industrial customs duties. Additionally, 99.3% of American exports enter tax without tax.

The pharmaceutical industry, which weighs 48% of exports to the United States, seems rather at the heart of the dispute. Reuters also announces meetings this week between the leaders of Novartis, Roche and the Swiss government to find solutions.

Despite the fears of a dropout of the SMI, the media and political tumult did not win the markets.

First, head. If the index has remained calm, the analysis of its composition gives explanations. Values spared by prices, such as Holcim, Partners Group or Swiss Life, have clearly progressed. These increases compensated for the more marked folds of titles exposed to the North American market, like Amrize.

The resilience of the index is also explained by swiss stock exchange remains imperturbable the fact that a large part of the listed groups produce directly in the United States or in Europe, which reduces the rate to 15%, a discount of approximately 24% compared to total exposure. In addition. Swiss exports are based on high added value products and therefore low-price-price, in other words, for a large part of the index, demand decreases less than the average in the event of an increase in prices.

Although it is a hard blow for the Swiss economy, moreover more for small businesses than large capitalizations, it should hold on. Economists have barely revised their growth forecasts. The economy should grow 1.4% this year, more than the euro zone.