Swiss stunned by US tariff hike, seeks solution
Swiss manufacturers warned that the US President Donald Trump is at risk after hitting with one of the highest tariff rates in global trade reset, even if there is some relief for the key drug industry.
The government said that it would decide how Trump will decide how to continue after setting a 39 percent tariff to the export-related country on Friday-more than 15 percent for the European Union imports.
The tax, which is a 31 percent tariff described by the Swiss authorities as “incomprehensible, is a body coup for small Alp Nation, which considers the US as the best export market for watches, jewels and chocolates.
The White House said on Friday that Switzerland was acting because he refused to make “meaningful concessions” by leaving trade barriers.
“Switzerland cannot expect the United States, one of the richest and highest -income countries in the world, to tolerate a unilateral trade relationship, Switishing a White House official.
The Swiss President Karin Keller-Sutter told Reuters that the government would continue to talk to Washington, but the US imports had limited concessions that he could offer because he had already enjoyed 99.3 percent free market access.
“We have very important direct investments (in the US). It is really hard to give more.”
Switzerland’s main exports to the United States is worth 35 billion dollars (A54 billion dollars) last year.
Swissmem, a group representing mechanical and electrical engineering industries, said that he was “really stunned by the US movement.
“It is a big shock for the export industry and the whole country, Je said Jean-Philippe Kohl, Deputy Director.
“Tariffs are not based on any rational basis and completely enjoyed… This tariff will make the Swiss industry very difficult, especially because our competitors in the European Union, England and Japan have much lower tariffs.”
According to the federation of the Swiss clock industry, the US is the best foreign clock market in Switzerland, which has 16.8 percent of exports or approximately 4.4 billion francs ($ A8.4 billion).
Shahzaib Khan, who runs two businesses that sell Swiss luxury hours abroad, said that the tariffs were “difficult to digest”.
“This comes out of control a little… I don’t think 39 percent of brands can absorb, Khan Khan said to Reuters.
The new ratio will come into force on August 7, and a Swiss source that knows the issue will continue.
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