Key facts
- US proposes new tariffs of at least 10% on imports from 60 trading partners.
- Switzerland rejected US findings on forced labor practices.
- Tariffs aim to rebuild emergency tariffs struck down by the US Supreme Court.
- Switzerland faces a proposed 12.5% tariff rate.
- Existing 10% tariffs on Swiss imports expire July 24.
- Economists believe proposed tariffs will have limited impact on Canada's economic outlook.
The US is proposing new tariffs of at least 10% on imports from 60 trading partners, including Switzerland and Canada, as part of President Donald Trump's effort to rebuild his protectionist wall. These measures aim to re-establish emergency tariffs that were previously struck down by the US Supreme Court in February. Switzerland has rejected US findings concerning its handling of goods produced by forced labor, with its economy ministry stating that US industry is not being harmed by Swiss practices. The US Trade Representative (USTR) recommended a 12.5% tariff for Switzerland and other countries lacking an import ban on goods made with forced labor, while the EU faces a 10% rate. Rudolf Minsch, chief economist at Swiss business lobby economiesuisse, described the forced labor issue as 'completely unfounded' but anticipated the move as Washington sought to maintain tariffs set to expire. He noted that the slightly higher tariff for Switzerland compared to the EU appeared manageable. The Swiss economy ministry expects the 12.5% duties to replace separate 10% tariffs expiring on July 24. Switzerland had previously faced 39% additional tariffs from the US last year. Economists suggest the proposed 10% tariff on Canada will not significantly alter its economic outlook due to exemptions on most exports.