The U.S. goods trade deficit with Switzerland was $38.5 billion last year, a 56.9% increase over 2023, according to the Office of the United States Trade Representative. Keller-Sutter said that she believes Trump ultimately chose the 39% tariff, because the figure rounded up from the $38.5 billion goods trade deficit.

Luxury goods companies were spared their worst case scenario in Sunday's EU-U.S. trade deal but they face a delicate balancing act as already weak consumer demand tests their ability to raise prices further.

The US accounted for 16.8 per cent of Swiss watch exports in 2024, worth roughly SFr4.4bn ($5.4bn). Swiss manufacturers The Swatch Group and Richemont, as well as London-listed Watches of Switzerland,