How the Cut in US Tariffs on Swiss Goods Shows Up in Watch Exports

The United States cut its tariff ceiling on Swiss goods from 39% to 15% in late 2025. The Swiss government says the 15% rate replaced the earlier 39% additional tariff and applies retroactively from 14 November 2025, a date that falls before the formal announcement in December.

Swiss watch exports to the US fell after the higher rate took effect in August 2025. Figures released in October 2026 show export value rising again in September, with exports to the US up 86% from a low base. This article sets out the tariff terms, the outlook among Swiss watch executives before the cut, and the latest export figures, which measure trade value rather than retail prices.

A 39% Rate Arrives in August 2025

Ada Derana reported on 5 August 2025 that Trump said he would impose a 39% tariff on Swiss goods, up from the 31% proposed in April. The same report put the rate for EU neighbours at 15%, which meant Swiss watchmakers faced a duty well above the one applied to their European neighbours.

The report named Swatch Group, Richemont and Watches of Switzerland among companies expected to feel the pressure. It cited a Barclays warning that high-end brands such as Rolex and Patek Philippe could struggle with steep tariffs, and that some retailers had said they would need price rises “in the mid to high teens” to preserve US gross profit, even at the 15% rate.

Watches of Switzerland said some of the brands it sells had already raised US prices, and its shares fell 8% in London trading.

Tariff Ceiling Date
The Swiss Federal Department of Finance says the US 15% ceiling replaced the 39% additional tariff and applies retroactively from 14 November 2025.

The 15% Ceiling and Its Terms

The Swiss Federal Department of Finance, in a press release from Berne dated 10 December 2025, said the US would apply an across-the-board ceiling of 15% to Swiss imports. The release said the ceiling replaced the 39% additional tariff and applied from 14 November 2025.

Products that faced rates above 15% before 2 April 2025 revert to their original rates, according to the release. Section 232 tariffs on steel, aluminium, cars and copper are unchanged. For pharmaceuticals and semiconductors, where Section 232 investigations were pending, any added sectoral tariff on Switzerland would not exceed 15%.

Existing exemptions remain for pharmaceuticals, certain chemicals, gold and coffee. The US also plans to lift the general additional tariff on aircraft, certain aviation parts, rubber products, cosmetics and generic drugs. The list of those products is to be published in the US Federal Register.

Switzerland is cutting duties on certain US fish, seafood and agricultural products under ordinances dated 12 November and 8 December 2025. It is also establishing duty-free annual quotas for US beef (500 tonnes), bison meat (1,000 tonnes) and poultry (1,500 tonnes).

Swiss importers may request refunds of import duties on affected assessments by filing a request for reconsideration. The Federal Office for Customs and Border Security provides further guidance, and SECO will keep affected industries informed about the new rules.

What Swiss Watch Executives Expected Before the Cut

Deloitte’s Swiss Watch Industry Study 2025 is dated 3 November 2025, more than five weeks before the Swiss government announced the 15% ceiling. It therefore predates the 15% ceiling and was published while the 39% rate was in force.

The study drew on an online survey of 111 senior industry executives, supplemented by expert interviews, and a survey of 6,500 consumers. The consumer survey covered the Swiss market and 11 export markets, including China, India and the United States. The 2025 study also surveyed consumers in Mexico.

Of the executives, 43% held a negative outlook on the main export markets, against 23% with a positive view. Deloitte said tariffs had injected new uncertainty into the sector, and it pointed to rising price sensitivity among buyers.

The study’s chart of risk factors lists rising gold price (+13) and weaker foreign demand (+5).

Export Value Rebounds in September 2026

Swiss watch exports reached 2.23 billion Swiss francs in September 2026, up 11.7% from a year earlier, according to a blue News report published on 20 October 2026. Exports had also risen 9.1% in August and 9.6% in July.

Exports to the United States rose 86% in September. The Watch Association said the jump was primarily due to a favourable base effect. Exports to the US had plummeted after the 39% tariff was imposed in August 2025.

For the first nine months of 2026, total watch exports reached 19.5 billion francs, up 2.7%.

The export figures measure the value of shipments in Swiss francs, not the prices buyers pay for a watch.

Rerouting and Pre-Tariff Shipments Shape the Numbers

Exports to France rose 128% in September. The report attributes part of that to shifts in trade flows caused by US tariff policy. Lower US tariffs on EU imports made France a logistics hub for watch manufacturers, it says.

The report also says manufacturers shipped large quantities to the US before the tariffs took effect, to reduce the tariff burden they would face.

What the Figures Measure and How the Sequence Runs

The export figures measure the value of shipments in Swiss francs, not the prices buyers pay for a watch.

Read in order, the sources show a trade picture that moved in stages. A 39% rate applied from August 2025. Deloitte’s executive survey was published on 3 November. The Swiss government announced the 15% ceiling on 10 December, applying it back to 14 November. Watch exports to the US then rebounded in September 2026, measured against the low point of the previous year.

The dated record runs as follows: the 39% tariff reported on 5 August 2025, the Deloitte study on 3 November, the Swiss ordinances on 12 November and 8 December, the Swiss release on 10 December, and the September 2026 export figures published on 20 October 2026.