Trump accuses Switzerland to steal 40 billion each year

Donald Trump treated the Swiss as thieves.Image: AP

According to Federal Councilor Karin Keller-Sutter, the American president believes that Switzerland “steals” him a lot of money. Hence the customs duties of 39%, which should impact the Confederation from August 7.

Donald Trump is of the opinion that Switzerland “flies” nearly 40 billion francs in the United States each year due to the trade deficit, Karin Keller-Sutter said on Friday. The Federal Council rejects this “absurd” position and wishes to relaunch negotiations.

The 39% customs duties inflicted on Switzerland are “a surprise” and a “disappointment”, because the amount negotiated with members of the US government was much lower, said the president of the Confederation, interviewed by journalists on the sidelines of the National Day on the Plaine du Grütli, on the edge of Lake Quatre Cantons.

Them calculating by Trump

It interprets the 39% percentage imposed by Donald Trump by the deficit mentioned: “38.9 billion francs in deficit, 39% customs duties, it is clear”.

She stressed that the level negotiated between the two countries, which she did not wish to reveal, had been accepted by the representatives of the Ministries of Commerce and Finance. The latter were obviously not heard by the president, while Switzerland had received other signals, commented the federal councilor.

It is also possible that the proposal was not even submitted to the American president or that it was not discussed in detail with him, she added, adding that it was speculation on his part.

Very concrete consequences

The Federal Council refutes the analysis of the White House owner. Taking into account the services, the trade balance between the two countries is indeed balanced, argued the Minister of Finance.

She noted that so far, President Trump was not only focused on the trade balance, but also on the creation of jobs in the United States. The fact that only this argument counts is “new”, according to Ms. Keller-Sutter.

Regarding the following, the Department of Economy will now draw up an inventory and subject the analysis to the Federal Council. Ms. Keller-Sutter did not want to go into details, but one thing is clear: customs duties will cause damage to the Swiss economy, they will also have an impact on the world situation.

To absorb the shock, Swiss companies have the instrument of partial unemployment, noted Ms. Keller-Sutter. Commenting on requests from the Economy circles, she pointed out that “her door was still open” to discuss means to reduce bureaucracy or to improve framework conditions. Other measures to support the economy are not planned at the moment.

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