Tariff Shock: How Trump’s 39% Duty on Swiss Exports Threatens Manufacturing, Banking, and Growth

by Nato Balavadze

In this paper we discuss:

• How US tariffs threaten the country’s economic stability;
• The US trade deficit with Switzerland and the Swiss negotiation disaster with the US;
• Why pharma is at the heart of the tariff dispute;
• How Swiss banks face stricter rules;
• Switzerland’s nascent crypto valley; and
• Switzerland’s economic outlook going forward.

Download PDF: Tariff Shock August 2025