Trump's New 15% Tariffs Shake Trade—but Swiss Exporters Dodge the Worst

The U.S. Supreme Court recently ruled against former President Donald Trump's initial tariff plans, prompting a swift adjustment in policy. In response, Trump introduced a blanket tariff of up to 15 percent on certain imports for 150 days. Financial markets reacted positively, viewing the decision as a reinforcement of the rule of law and separation of powers in the U.S.

The new tariffs, though broad, will have limited practical effects on Swiss exporters. Adjustments for some businesses may only reach 'two or three percentage points'. Key Swiss products—such as pharmaceuticals, watches, and protected designation of origin cheeses—remain exempt from the measures.

The tariffs target goods the U.S. does not produce itself, including Swiss watches. Since no American alternatives exist, the move has drawn criticism for its lack of economic logic. Meanwhile, the Swiss pharmaceutical sector responded quickly. Companies like Novartis and Genentech announced discounted sales of drugs like Mayzent and Xofluza through the TrumpRx website in December. However, these listings disappeared within a week, despite Pfizer's continued presence.

Anticipating the tariffs, Swiss exporters ramped up shipments to the U.S. in early 2025. Pharmaceuticals and watches saw a sharp rise in exports during the first three months of the year. While no specific reactions from watchmakers or cheese producers were reported, the surge suggests widespread preparation across industries.

The ruling has reshaped transatlantic trade, with Trump tariffs likely to remain for some time. Trump's revised approach ensures continuity in his tariff policy, though its long-term impact on Swiss businesses remains uncertain.

The Supreme Court's intervention forced a policy shift, but Swiss exporters face only modest disruptions. Exemptions for major industries and early stockpiling have softened the blow. With tariffs now in place for at least 150 days, businesses will continue adapting to the new trade landscape.