“Switzerland has been and continues to be in contact with the responsible authorities in the US,” the federal council said in a post on X, adding that it “continues to strive for a negotiated solution”.
The government said it would analyse the new situation and decide how to proceed after Switzerland was hit by one of the steepest US levies globally.
The figure is also significantly higher than a 15% tariff for most EU imports into the US.
Switzerland, which described the original 31% tariff as “incomprehensible”, had been working to reduce the levy on shipments to the US, its biggest export market.
The additional tariff announced by US President Donald Trump’s administration differs significantly from a joint draft statement approved by the federal council on 4 July, following intensive talks between both countries, the Swiss federal department of finance told Reuters in a statement.
Since then, they had been waiting for a sign-off on what was understood to be a preliminary framework for a deal, according to a person familiar with the matter.
Finance minister Karin Keller-Sutter and economy minister Guy Parmelin had visited Washington for talks to press Switzerland’s case.
“The higher tariffs are putting pressure on export-oriented companies such as the Swiss watch industry and manufacturers of machinery and precision instruments, and their suppliers,” the Swiss federal department of finance said.
“Due to the high proportion of industrial goods in Swiss exports to the US, this sector is bearing the brunt of the additional customs duties,” a department spokesman said.
The US is Switzerland’s top foreign watch market, accounting for 16.8% of exports, or CHF4.4 billion worth, according to Federation of the Swiss Watch Industry.
Swiss business leaders and officials have underlined how much Switzerland spends in the US: the European country is the seventh-largest investor in the US.
Switzerland’s main business lobby said today that the US tariffs on Swiss imports were not justified or understandable and put good trade relations between the countries at risk.
Business group Economiesuisse also said the levies would result in an acute competitive disadvantage compared to the EU.
“The new US tariffs make Swiss exports more expensive, weaken the competitiveness of companies, and negatively impact the investment climate,” Economiesuisse said.
Switzerland sent about CHF65 billion Swiss (US$80 billion) of goods to the US in 2024, or about one-sixth of its total exports of CHF394 billion.
Total trade with the US was CHF91.9 billion, or about 12.7% of all imports and exports, Swiss government data show.
Switzerland’s trade surplus with the US last year was almost CHF38.7 billion.