One of the surprising tariff rates was the 39% to Switzerland. The president said that they have a $40 billion trade deficit and that's not good enough.
Luxury Goods (Watches, Chocolate, Cheese): Swiss watches are particularly affected—all imports now subject to 39% duties. Chocolate and cheese may also face price hikes in U.S. stores
Pharmaceuticals & Healthcare: While critical medicines may be exempted or negotiated, long-term pharmaceutical tariffs could eventually reach up to 200% without carve-outs
Industrial Goods: Switzerland abolished internal tariffs on industrial products in 2024—but U.S. duties still apply to Swiss-origin exports entering the U.S. market
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