Allianz: Tariffs weigh on Swiss economy
Switzerland faces mounting pressure after the United States imposed a 39% tariff on its exports, far higher than expected and well above other recent duties. According to Allianz trade Switzerland, the impact could be severe, with corporate insolvencies projected to climb towards 10,000 in 2025, compared to 8,636 in 2024. Exports to the US account for nearly 8% of Swiss GDP and may shrink by up to USD 7 billion, reducing GDP growth by 0.7 percentage points if pharmaceuticals are included in the tariff regime.
Non-metallic goods, machinery, electronics and chemicals are already affected. Effective tariffs on Swiss exports now average 25%, against 13% for the EU. CEO Jan Möllmann said firms must act quickly to secure alternative markets and routes. He warns that ongoing tariff shifts are reshaping trade flows and supply chains. (js)