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Swiss firms shoring up plans, looking to Asia after Trump imposes 39 per cent tariff
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Netstal, a 550-employee manufacturer of injection moulding machines in the Swiss industrial canton of Glarus.
PHOTO: COURTESY OF NETSTAL
Kash Cheong for The Straits Times
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- Swiss firms like Netstal face challenges due to the US's 39% tariff, prompting them to consider shifting focus to Asian markets for growth.
- Swiss industries, including watchmaking and chocolate, are adapting by lobbying for unemployment aid and rethinking pricing to mitigate tariff impacts.
- Pharma companies are strategising for potential drug import tariffs while Swiss leaders seek negotiations, as Switzerland lacks the leverage of larger economies.
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ZURICH – US President Donald Trump’s surprise 39 per cent tariff on Swiss goods has the Alpine nation’s enterprises scrambling to mitigate the impact on their businesses, with some switching gears to look for growth in Singapore and other parts of Asia, among other strategies.
“If the 39 per cent tariff continues, we will have to reduce reliance on the US market and focus on growth in Asia – places like Singapore, India (and) Bangkok,” Mr Renzo Davatz, the chief executive officer of Netstal, a 550-employee manufacturer of injection moulding machines in the industrial canton of Glarus, told The Straits Times.
