Switzerland's back to the wall: reactions and fears are flying

The United States has imposed a 39% tax on Swiss exports since 6 a.m. this morning (Swiss time). Karin Keller-Sutter and Guy Parmelin returned empty-handed from their trip to Washington. A Federal Council meeting is scheduled for early Thursday afternoon to review the situation.

In addition to Switzerland and the European Union, around 70 countries are affected by these US tariffs. Reactions were swift in Switzerland following confirmation of the measure's entry into force. Swissmem, for example, warned of the consequences for Switzerland's prosperity if the export industry continues to come under pressure.

One in two francs is earned in foreign trade, according to the Swiss Machinery, Electrical Equipment, and Metals Industry Association. It recommends a list of urgent measures, including extending the duration of short-time working to 24 months and supporting bilateral agreements with the EU.

Economiesuisse is calling for unity between the government and the business community. "The economy must not be further restricted and penalized by new laws and ordinances. It is also important to reduce the cost burden on businesses and employees," says the organization, which is calling for continued negotiations to "reduce these customs duties." Travail.Suisse, the workers' umbrella organization, is concerned about employment and denounces the "punitive, incomprehensible, and arbitrary customs duties imposed by the U.S. government."