Swiss exports to US drop over a fifth after Trump tariffs

by Reuters Sep 18, 2025

Swiss goods exports to the United States dropped by more than a fifth in August, the month in which President Donald Trump imposed 39% tariffs on the country, official data showed on Thursday.

When adjusted for seasonal swings, total Swiss exports were down 1% compared to the previous month in nominal terms, and up 2.4% in real terms, according to the Swiss government.

Trump applied the tariffs on August 7, arguing they were justified by the U.S. trade deficit with Switzerland. Certain goods such as pharmaceutical products and gold were exempt.

An employee assembles a fully automatic coffee machine at Swiss manufacturer Thermoplan's plant, amid 39% U.S. tariffs on Swiss goods that threaten profit margins and are forcing the company to consider relocating production to remain competitive, in Weggis, Switzerland, August 27, 2025. REUTERS/Denis Balibouse

The United States has been Switzerland's largest single foreign market for goods, and Trump's tariffs caused shock and dismay among the country's export-oriented companies.

Exports to the U.S. dipped in August by 22.1% to 3.1 billion Swiss francs ($3.9 billion) from almost 4 billion francs in July. The data exclude precious metals and stones, works of art and antiques. The decline took exports to the U.S. to their lowest level since the end of 2020, the government said.

The figures showed that an increase in exports to European Union countries and Canada partially offset the U.S. drop. They also showed that Germany in August moved past the United States to become Switzerland's biggest export market.

($1 = 0.7881 Swiss francs)