NextFin news, Swiss goods exports to the United States fell by more than one-fifth in August 2025, the month when President Donald Trump implemented 39% tariffs on Swiss imports, Reuters reported citing official data on Thursday, September 18.
The tariffs, applied on August 7, were justified by the Trump administration due to the US trade deficit with Switzerland. Certain products, including pharmaceutical goods and gold, were exempt from the tariffs.
According to the data, Swiss exports to the US decreased by 22.1% to 3.1 billion Swiss francs (approximately $3.9 billion) in August, down from nearly 4 billion francs in July. This drop brought exports to their lowest level since the end of 2020. The figures exclude precious metals, stones, works of art, and antiques.
When adjusted for seasonal variations, total Swiss exports declined by 1% in nominal terms compared to the previous month but rose by 2.4% in real terms.
The United States has historically been Switzerland's largest single foreign market for goods. However, the August decline allowed Germany to surpass the US as Switzerland's biggest export market.
The report also noted that increased exports to European Union countries and Canada partially offset the reduction in exports to the US.
The imposition of tariffs and the resulting drop in exports highlight ongoing trade tensions between the US and Switzerland amid broader global trade disputes.
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