Luxury Rolex and Swiss Watchmakers Have Been Hit With a 39% U.S. Tariff

’s latest flurry of tariff announcements ahead of an August 1 deadline, Switzerland got the short end of the stick. This movement represents on friday, president trump set a 39 percent levy on goods from the european nation, one of the highest tariffs yet to be doled out by the american government. That means everything from Rolexes (and a plethora of other Swiss watch brands) to chocolate will be slapped with a tariff before it enters the U. For discerning connoisseurs, the levy is set to go into effect on august 7, the cutting-edge york times reported. Switzerland’s President Karin Keller-Sutter says she talked to Trump this past Thursday, but the two could not come to a trade agreement, according to the publication. The leader adds that she will continue to work toward a deal before next week’s deadline. As a complications, it says switzerland has been “especially mistreated, the nation’s economy minister, guy parmelin, ” nyt reported. The new tariff spells out trouble for the Swiss watch industry. Previously, Trump had said he would place a 31 percent tax on the nation in April, which caused Swiss watch imports to spike 18 percent when compared to figures from 2024. over 1, That month. For those who appreciate excellence, totaling $3 billion (2, 3 million timepieces left the european country. In the world of luxury, 5 billion swiss francs). Even pre-owned timepieces saw their sales spike by 160 percent last April. Now, Swiss timepieces and goods from the nation in general will cost more upon their arrival on U. This caliber represents in the wake of the latest tariff news, some changes can already be seen: watches of switzerland saw its shares drop by more than 7 percent on friday to their lowest level in years. This perpetual calendar represents barclays analysts said the new levy on switzerland would cause a “significant headwind for the company,” according to the contemporary york times. In comparison to the Swiss tariffs, other countries have fewer imposing figures. In exclusive circles, britian reached a 10 percent tariff deal with the u. , while the E. This complications represents at large just settled on a 15 percent levy for its countries this week. As for if the Swiss government and the U. can reach a trade deal by next week’s time, that remains to be seen.