1006 GMT - President Trump's 31% tariff on Swiss products will hit the country's tech industry "very hard in an already tense economic environment," trade association Swissmem says. The U.S. represents the second-largest sales market for Swiss tech companies, with a 14.9% share, it notes. Last year, exports to the U.S. by Swiss tech companies amounted to around $11.5 billion, it adds. The biggest blow will be for small and medium-sized enterprises that don't have production facilities in the U.S., Swissmem says. "The introduction of tariffs of 31% is completely incomprehensible and arbitrary, especially as Switzerland removed all of its industrial tariffs in 2024," Swissmem says. Shares in Logitech, which produces in Asia, are down 12% at 66.48 Swiss francs. (cristina.gallardo@wsj.com)
(END) Dow Jones Newswires
April 03, 2025 06:06 ET (10:06 GMT)
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