"Watch prices will soar": Swiss industry concerned about soaring US tariffs
US President Donald Trump has imposed some of the highest taxes in the world on Switzerland, with a rate of 39%. This decision could impact one of the jewels of the Swiss economy, the watchmaking industry, and its subcontractors, which employ many French people.
By Valentin CollinTen days after the announcement, Switzerland is still in shock. With 39% customs duties imposed by Donald Trump, it is one of the hardest-hit countries. A "catastrophic scenario" with taxes that "are hitting the export-oriented Swiss economy hard," Cristina Gaggini, a member of the board of the Federation of Swiss Businesses, said in a statement. "The risk to our economic position has increased considerably."
Among the first victims of this customs shock is the watchmaking industry. In the first half of 2025, watch exports reached a value of 2.56 billion francs to the United States . They could reach around 5 billion by the end of the year. "For comparison, exports to Japan reached 932 million in the first half, those to China 894 million," states the website La Côte.
Le Parisien
