Rolex and Richemont meet President Trump in the White House
President Trump held a meeting with high-ranking executives from the Swiss watch industry, including Rolex CEO Jean-Frédéric Dufour and Richemont Chairman Johann Rupert, to discuss trade issues and imbalances. The discussions highlighted the importance of private sector relationships between the United States and Switzerland, with the understanding that further talks would follow. This meeting comes after a significant 39% tariff was imposed on Swiss watches entering the U.S., which has led to a dramatic drop in sales to the country. Despite the tariff's impact, Swiss watch exports to the U.S. for the first nine months of 2025 remain up by 10.4% year-on-year, largely due to stock positioning before the tariff deadline. The U.S. continues to be the largest market for Swiss watches, with a total export value of CHF 3.5 billion, significantly outpacing other markets like Japan and China. The stability of the UK market has also been noted, with minimal changes in exports compared to the previous year.
