Swiss president under fire after Trump call leads to US tariffs shock

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Source: The Guardian

Swiss president under fire after Trump call leads to US tariffs shock

Karin Keller-Sutter accused of mishandling talks as shares dive after Switzerland hit with 39% tariff

Jon Henley Europe correspondent
Mon 4 Aug 2025 14.50 BST
First published on Mon 4 Aug 2025 12.14 BST

The Swiss stock market has plunged, the cabinet has held crisis talks and the country’s president, Karin Keller-Sutter, has been accused of mishandling a vital phone call with the White House after Donald Trump hit the country with a shock 39% export tariff.

Switzerland, home to some of the world’s best-known luxury brands, was left stunned after the US president on Friday imposed one of the highest tariff rates in his global trade reset. Industry associations said tens of thousands of jobs were at risk.

Local media had reported that after three months of talks, negotiators believed they had secured a 10% tariff on exports to the US, a key market for Swiss products such as luxury watches, jewellery and chocolate but also machinery and pharmaceuticals.

But after a 30-minute call with Keller-Sutter on Thursday evening variously described as “bad-tempered”, “disastrous” and “badly misjudged”, Trump imposed a levy even higher than the 31% he had announced on his so-called “liberation day” in April.

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Read more: https://www.theguardian.com/us-news/2025/aug/04/swiss-president-shares-plunge-us-tariffs-trump