To appease president Donald Trump, Switzerland has so far poured $27 billion – over 10 percent of its total commitment – into the US economy. But this may not be enough to satisfy Uncle Sam.
In November 2025, Swiss companies had committed “to make direct investments in the USA amounting to $200 billion by the end of 2028,” according to a press release the Federal Council issued at the time.
It further states that this investment is aimed at ensuring that “the United States will reduce” import tariffs imposed on Switzerland from 39 to 15 percent – the latter figure being in line with customs duties levied on the European Union at the time.
They have since been reduced to 10 percent.
‘Model students’
An internal email from the Swiss-American Chamber of Commerce (SACC), reported by Neue Zürcher Zeitung (NZZ), confirms that Swiss companies are off to a good start: collectively, they have already invested 27 billion dollars in the USA since the beginning of the year.
They include Novartis, which is developing a biomedical research centre in San Diego and a cancer drug manufacturing plant in Texas.
Pharmaceutical giant Roche is also expanding its production capacity in North Carolina.
And shipping company MSC has opened its North American headquarters in Miami – in addition to other Swiss companies that are increasing their production capacity in the United States.
According to SAAC’s president Rahul Sahgal, “we are model students and we keep our promises.”
However, this exemplary compliance may not be enough to satisfy the US.
Washington has announced at the beginning of June that it would levy an additional 2.5 percent tariff on countries deemed by the US to be insufficiently committed to combating forced labour.
Switzerland is targeted by the measure as well because, according to the Trump administration, it does not ban imports produced by forced labour.
The Swiss government denies this allegation, however, responding that the country’s strict regulations, mandatory private-sector risk assessments and international cooperation agreements ensure compliance in this respect.
But that’s not all
The US also accuses Switzerland of having an oversized industrial base – relative to its size – thus giving the country “an unfair advantage” in exports.
Jean-Philippe Kohl, deputy director of Swissmem, the umbrella organisation for the machinery, electrical equipment, and metals industry, says this claim is not true.
He pointed out that “economic considerations don’t always carry much weight against Donald Trump’s trade policy.”
What will happen next?
Nobody knows, given the unpredictability of Trump’s actions.
However, according to Kohl, only a renegotiated trade agreement reached quickly between Bern and Washington could prevent a further “escalation of trade tensions.”
