Swiss watch exports to the USA battered by tariff regime
Swiss watch exports to the United States have significantly declined, with a staggering 46.9% drop in October, following a 55.6% decrease in September. This downturn is a direct result of the unpredictable tariff policies implemented by the Trump administration, which began with a 31% additional tariff announced in April, later adjusted to 10%, and then raised to 39% in August. Although a trade agreement has been reached to lower tariffs to 15%, the exact implementation date remains uncertain, leading to cautious export strategies from Swiss watchmakers who ramped up shipments before tariff hikes. Despite the sharp declines in recent months, the overall export figures for the first ten months of the year still reflect a 3.7% increase compared to the previous year. Stable markets like the UK have shown mixed results, with a notable rise in exports in September, while overall year-to-date figures indicate a slight decrease. In contrast, exports to other markets like China have increased by 12.6%, and the United Arab Emirates saw a remarkable growth of 40% in October, showcasing the varied impacts of tariff regimes across different regions.
