Congratulations on your national day. Here’s a massive tariff.
That was the one-two punch delivered by the United States on Thursday, after it hit Switzerland with the highest tariff on any European nation.
Following up on Friday, U.S. Secretary of State Marco Rubio issued a statement praising the “strong and steady relationship” between the two nations.
“Our cooperation spans trade, finance, and security areas where Swiss leadership and reliability continue to make a global impact,” Rubio went on. “We wish the Swiss people a successful and meaningful celebration and look forward to continued collaboration in the years ahead.”
Normally on Aug. 1, the country of 9 million commemorates the founding of the Swiss Confederation in the year 1291. As on July 4 in the U.S., people celebrate with fireworks and parades.
The Swiss might not be in the mood this year, though, after coming off far worse than the EU, which struck a last-minute deal with President Donald Trump to lock in a 15 percent baseline tariff. The U.K. meanwhile pays 10 percent.
Although U.S. Treasury Secretary Scott Bessent visited Switzerland for trade talks in May, they were with Chinese officials. That has left the Alpine nation, and its big financial and pharmaceuticals sectors, out in the cold.
The Federal Council, the country’s collective government, expressed “great regret that, despite the progress made in bilateral talks and Switzerland’s very constructive stance from the outset, the U.S. intends to impose unilateral additional tariffs on imports from Switzerland.”
“Switzerland has been and remains in contact with the relevant U.S. authorities. It continues to seek a negotiated solution with the U.S. that accords with Swiss law and its obligations under international law,” it said on X.
The new Swiss tariff is even higher than the 31 percent that Trump first announced on “Liberation Day” back in April. It is due to take effect on Aug. 7, leaving just a week to negotiate a less-bad deal.
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