Swiss watchmakers exported $33 billion worth of watches in 2024, although that figure could take a hit if the U.S. follows through on its threat to impose 39% tariffs on Switzerland. The tariff is set to take effect on August 7.
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“The impact of the U.S. tariffs, if they stay at 39%, could be devastating for numerous brands in Switzerland,” said Vontobel analyst Jean-Philippe Bertschy. That includes Richemont (CFRUY) and Swatch (SWGAY), the owners of Cartier, Piaget, Omega, and Tissot.
Swiss Government Holds Crisis Talks
Swiss President and Finance Minister Karin Keller-Sutter held emergency talks on Monday ahead of the upcoming tariff date. In another demonstration of urgency, Keller-Sutter said she would be willing to make a last-minute trip to the U.S.
“Switzerland enters this new phase ready to present a more attractive offer, taking US concerns into account and seeking to ease the current tariff situation,” said the Swiss government.
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