Zollhammer: That's what it's about

• The White House has published a tariff list, and Switzerland is mentioned at 39 percent.
• The tariff for Switzerland is thus significantly higher than announced by Trump and one of the highest ever.
• The new US tariffs on imports from abroad will not take effect until August 7, not this Friday.

Shortly before the deadline, the White House published a list of adjusted reciprocal tariffs. Switzerland is also listed – at 39 percent. This makes Switzerland by far the highest tariff in Europe. On the tariff list of 70 countries, only three countries have a higher tariff than Switzerland: Laos and Myanmar at 40 percent, and Syria at 41 percent.

For a long time, things were looking good for Switzerland. A few weeks ago, a solution to the tariff dispute with the US seemed within reach. On July 4, the Federal Council approved the letter of intent for a tariff deal. The document is the result of intensive discussions. As recently as May, Finance Minister Karin Keller-Sutter (FDP) expressed confidence, after a meeting with US Treasury Secretary Scott Bessent, that Switzerland would be among the first countries to reach a solution.

But a few hours before the deadline, Karin Keller-Sutter announced that no agreement could be reached on the memorandum of understanding negotiated between Switzerland and the United States. The president's main concern was the trade deficit.

Swiss tariff significantly higher than expected

Bitter disappointment: The tariff for Switzerland published in the tariff list of 39 percent is significantly higher than Trump announced in April. Back then, the figure was 31 percent.

What do you think about the 39 percent tariff for Switzerland?

This is a catastrophe for Switzerland. It's not so bad, there will definitely be a solution. I expected nothing else.

Among the countries with which the US reached a tariff deal shortly before the deadline are the European Union countries and Great Britain, which now have a tariff of 15 percent. This is significantly less than the 39 percent tariff for Switzerland.

Trump sees his policy strengthened: Tariffs will make America great and rich again, he wrote on Truth Social one day before the deadline.

According to a US government official, the new US tariffs on imports from abroad will not take effect until August 7, not this Friday as originally announced. They want to give more time to implement the new rules.

Disaster for the car and watch industries

Switzerland is probably not high on Donald Trump's agenda, or he simply doesn't care, says Karsten Junius, chief economist at J. Safra Sarasin Bank, when asked why no deal was reached. This is an extreme tariff hammer and a bad sign for the entire export industry. For the automotive suppliers and watch industry, it's a catastrophe.

The Swiss-American Chamber of Commerce is deeply confused as to why a deal hasn't been reached despite the letter of intent with the US. Trump apparently doesn't want to negotiate anymore, says Rahul Sahgal, CEO of the Swiss-American Chamber of Commerce.

For Swiss SMEs, even 31 percent would have been very bad. The large companies already have the majority of their production in the US. But for the small business in the Rhine Valley, it kills the market, says Sahgal.