Just two weeks after the United States imposed 39% tariffs on Swiss goods, companies are already feeling the impact.
Nearly 10% have suspended exports to the U.S. altogether and others are considering cutting production or relocating to the EU.
According to a survey by the industry association Swissmechanic, four out of ten small and medium-sized firms in the mechanical, electrical and metalworking sectors are recording losses.
The pressure has intensified this week after U.S. Customs reclassified more than 400 components, raising tariffs to 50%.
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