Swiss Exports to U.S. Rise 3.9% in 2025 Despite Tariff Volatility

Swiss exports to the United States grew 3.9% in 2025 to 54.7 billion Swiss francs ($71.4 billion), outpacing overall export growth of 1.4%, despite facing volatile U.S. tariffs that peaked at 39% before being reduced to 15% in November. The Trump administration imposed steep tariffs in August, citing the U.S. trade deficit with Switzerland, but eased them after a bilateral deal aligned Switzerland’s rate with the EU’s. Swiss firms accelerated shipments ahead of the August levy. Excluding gold and luxury goods, exports remained robust, led by chemicals and pharmaceuticals, which accounted for over half of Switzerland’s record 287 billion franc total exports. Meanwhile, Swiss imports from the U.S. fell 5.7% to 13.3 billion francs.