Bloomberg reported a sharp drop in Swiss watch exports

Swiss watch exports decreased by about 17% in August compared to the same period in 2024, amid weakening demand in China and the impact of U.S. trade duties. This was reported by Bloomberg on September 18.

It clarifies that the drop in key markets turned out to be double—digit: in China — 36%, in the United States - 24%, where a 39% duty recently came into force.

"The extensive decline highlights the serious obstacles facing the Swiss watch industry," said Vontobel analyst Jean-Philippe Bercy.

He added that the data from the Federation of the Swiss Watch Industry refute the previously observed stabilization of demand in the United States and China.

According to the publication, U.S. Commerce Secretary Howard Latnick said that negotiations with Switzerland are proceeding "constructively" and may lead to an agreement that could stabilize the market in the future.

Trap for Europeans: how the US tariff policy will affect the rest of the world

Will there be economic growth in 2025

On August 1, US President Donald Trump imposed additional duties on imported goods from the European Union (EU) and more than 60 foreign countries. Thus, the highest tariffs were imposed on goods from Laos, Myanmar (40% each) and Syria (41%). Also, goods from countries that have not concluded an agreement with the United States are subject to a duty of 10%.

On the same day, the Financial Times (FT) newspaper reported that the Swiss government was shocked by Trump's decision to impose 39 percent import duties. It was clarified that the new rate in Switzerland is higher than 31%, which were announced by the American leader on the "day of liberation" in April.

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