On Friday, Switzerland was hit with a 39 percent tariff from the U.S. governement on its goods, including watches, chocolate, and more.

Switzerland’s exporters, from watch makers to pharmaceutical companies, are bracing for the financial fallout from US President Donald Trump’s 39% tariffs, one of the steepest rates globally in his escalating trade war.

The elevated levy will push prices up for US consumers and hit volumes at some brands, analysts warned. The US accounted for 16.8 per cent of Swiss watch exports in 2024, worth roughly SFr4.4bn ($5.4bn).