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How these sellers of Swiss watches are coping with Trump’s highest tariffs
PHILADELPHIA — Switzerland is used to being alone. It’s not a member of NATO or the European Union; it eschews the euro in favor of its own currency, the Swiss franc, which has lately gained value against the euro and the dollar.But Switzerland’s solitude has left it isolated by President Donald Trump’s import taxes. The multilingual Alpine nation faces the highest U.S. tariffs of any industrial country — a 39% tax on Swiss exports vs. 15% elsewhere in Europe.
Swiss high-end watchmakers, led by Rolex, Cartier’s Richemont, Omega’s Swatch, Audemars Piguet and Patek Philippe, face the full tariff rates on watches they send the U.S., the industry’s largest market. Altogether last year the 50 major Swiss watchmakers produced 16 million high-end watches, worth over $30 billion, down slightly from the record year 2023, according to a Morgan-Stanley research report.
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https://www.msn.com/en-us/money/mar...-highest-tariffs/ar-AA1KqYmn?ocid=socialshare