Cheesed off: Swiss meltdown over Trump's ‘incomprehensible' tariff whack
Swiss chocolate makers have declared the move 'incomprehensible' and are warning it will hit them hard, as the changes flow through to higher prices for American customers.
The biggest names in luxury watches, already suffering a slowdown in America after Trump's previous trade decisions, now confront extraordinary price hikes that could lead them to expand sales in other markets.
Trump spared Australia from higher penalties in his sweeping trade decision on Thursday, leaving tariffs at 10 per cent for most Australian exports, but he singled out Switzerland with the biggest blow to any European country.
At 39 per cent, the new rate is higher than the 31 per cent tariff the president proposed in April – and much worse than Swiss leaders expected.
The decision puts the Swiss exporters at a grave disadvantage to competitors in Belgium, France, Germany, Italy and other countries that will incur the 15 per cent tariff applied to the European Union.
While Americans may have to pay steeper prices for Bally fashion made in Switzerland, they would incur a more modest price hike for a Dior item made in France or Armani product made in Italy.
'It is incomprehensible why Switzerland is affected by these tariffs, as reciprocity is out of the question,' industry group Chocosuisse said, repeating concerns it aired in April.
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