Switzerland is home to some of the world's most famous watch, chocolate, pharmaceutical and precision instrument brands in the world.

The U.S. goods trade deficit with Switzerland was $38.5 billion last year, a 56.9% increase over 2023, according to the Office of the United States Trade Representative. Keller-Sutter said that she believes Trump ultimately chose the 39% tariff, because the figure rounded up from the $38.5 billion goods trade deficit.

The US accounted for 16.8 per cent of Swiss watch exports in 2024, worth roughly SFr4.4bn ($5.4bn). Swiss manufacturers The Swatch Group and Richemont, as well as London-listed Watches of Switzerland,