Swiss Market Reacts to US Tariff Announcement

The Swiss Market Index (SMI) experienced a significant drop, falling by 1.5% early Monday. This downturn followed the announcement by United States President Donald Trump of a 39% tariff on Swiss imports, marking the highest tariff rate in Europe.

Swiss Economy Minister Responds

Economy Minister Guy Parmelin expressed Switzerland's commitment to resolving the issue, stating, "We will do everything we can to demonstrate our goodwill." However, he acknowledged the challenges of reaching an agreement before the August 7 deadline, emphasizing the need to first understand the rationale behind the 39% figure.

By 9:23 am CET, the SMI had lost 1.54%, or 181 points, reflecting the market's immediate reaction to the news.