Swiss Trade Group Blasts Trump’s New 15% Tariff Hike as Creating Global Chaos

A Swiss industry organization criticized President Trump's decision to raise temporary tariffs from 10% to 15% on all U.S. imports over the weekend. The group says the move is worsening global economic uncertainty and hurting business investment worldwide.

A prominent Swiss manufacturing association condemned President Donald Trump’s weekend decision to boost temporary import duties to 15% from 10% on goods from all nations, calling the move destructive to global economic stability.

The Swiss industry group Swissmem issued a statement Monday saying the tariff increase is worsening worldwide economic turmoil and discouraging business investments across international markets.

Switzerland faced Europe’s steepest U.S. trade penalties last August when Trump slapped a 39% import tax on Swiss products. Swiss officials managed to negotiate that rate down to 15% in November, matching what European Union countries pay.

Swiss leaders are now working to finalize that agreement, which the Trump administration wants completed before March ends.

Swissmem called on Switzerland’s government to continue pursuing the trade deal to establish legal clarity while condemning the latest tariff action.

“U.S. President Donald Trump’s announcement that he will increase the additional tariff imposed on Friday from 10% to 15% is exacerbating the current chaos,” Swissmem said. “Global uncertainty is huge. This is dampening investment activity.”

The president initially implemented a 10% temporary duty Friday following a Supreme Court ruling that invalidated his earlier tariff system, then raised it to 15% Saturday.

According to Swissmem, the new universal tariffs appear separate from the 15% rate Switzerland previously negotiated with Washington.

However, when combined with an existing 5% levy on industrial products that predates Trump’s global tariff campaign, Swiss exporters could face roughly 20% total duties, the organization warned.

“This will significantly increase prices for American customers,” Swissmem stated, adding that the mechanical and electrical engineering industry’s only silver lining is that competing foreign companies will likely face similar penalties.

Switzerland removed all its industrial tariffs in 2024.