Switzerland’s steadfast independence outside the European Union looks like it could save its watch industry from an additional 50% tariff that President Trump is threatening to impose on all EU goods entering the United States from June 1.
In 2023, America imported watches and clocks from Germany worth approximately $73 million, or 1% share of total imports in the category. Switzerland was the largest source that year with 81% of US imports, according to Trendeconomy.
In a Truth Social post, Mr Trump accused EU officials of being “very difficult to deal with”, and said negotiations between the US and Brussels over tariffs were “going nowhere”.
The escalation from the White House during a 90 day pause for an additional 20% tariff on all EU imports announced in the Liberation Day speech on April 4.
EU-based exporters will be hoping that Mr Trump’s latest intervention is part of his dealmaking playbook, and designed to focus minds on accelerating talks before the 90-day clock runs down.