Analysts weigh in on which Swiss companies could take the biggest hit after the U.S. imposes a steep 39% tariff - one of the highest globally.

Zürich

Donald Trump has signed an order to impose tariffs imports into the U.S. from countries including China, Mexico and Canada.

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The Swiss government is maintaining communication with U.S. officials as it reviews the newly imposed 39 percent tariff on Swiss goods. Analysts highlight that the tariff will have the greatest impact on the Swiss watch industry, with Watches of Switzerland potentially facing a revenue decline of up to 40 percent and Richemont's exposure estimated at just under 10 percent.

While Swiss markets remain closed for a national holiday, executives from various sectors have commented on the situation. Pharmaceutical companies with significant U.S. manufacturing operations report less vulnerability to the tariffs, as most of their U.S. sales are produced domestically. However, companies with global supply chains, particularly those reliant on imported ingredients, express concern over the ongoing uncertainty.

Swiss tariff shock: Who’s most exposed?

The Swiss government says it remains in contact with U.S. officials and will analyze the situation and decide on how to proceed when it comes to those Swiss tariffs. Analysts at Jeffries are warning that the 39 percent tariff rate imposed on Switzerland will be most meaningful for watchmakers, saying they expect pain for watches of Switzerland and Richemont. They say Richemont's exposure will likely be just under 10 percent, while warning watches of Switzerland could see a revenue hit of up to 40 percent. Swiss markets are closed for the National Day holiday, so there is no reaction yet in the SMI, but tariffs have loomed large over earnings season. Here are some key lines from top Swiss executives over the quarter. When it comes to tariffs, specifically to us as a company, I think we're in a much better situation than many other pharma companies. First of all, we have 13 manufacturing sites already in the United States, and we have some free capacity because of the innovation that we've done in our processes. So we have up to 50 percent additional capacity, and we have ramped up manufacturing from a number of key medicines already in the United States. We know we certainly will have tariffs to be added on top of our invoicing, so part of the pricing, and we'll do that in a very transparent way with our plans. As you know, whatever we sell in the U.S., we make in the U.S. So the only things where we have to apply tariffs are on the ingredients that we have to buy, especially all those natural ingredients which grow in the various parts of the world. Obviously, the uncertainty around tariffs is challenging for us. We make in six countries, we call it China plus five, and we have a very, very global business. Thirty percent of our business is in the U.S. and is affected by tariffs. So uncertainty around that is not easy for us.

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Swiss tariff shock: Who’s most exposed?

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