Back to today’s briefing

Story perspectives

Trump's Tariffs: Swiss Exports Hit 39%, Liechtenstein 15%

8/12/2025

22 3

Summary

Story summary

US President Trump's recent tariffs have sent shockwaves through the economy, imposing a staggering 39% on Swiss exports while Liechtenstein faces a mere 15%. This disparity raises eyebrows, with economists pointing to Liechtenstein's EEA membership as a possible reason. As Swiss industries, especially machinery and food, brace for impact, Liechtenstein's fate remains intricately linked to its neighbor.

History

Historical Context

The Smoot-Hawley Tariff Act of 1930 raised U.S. tariffs on over 20,000 imported goods, prompting retaliatory tariffs from other nations and a 39% tariff on Swiss exports. This protectionist measure contributed to a significant decline in international trade, echoing historical trends of economic isolationism and highlighting the fragility of global trade relations, with lasting implications for economic stability in affected countries.

1 of 2

Story summary

US President Trump's recent tariffs have sent shockwaves through the economy, imposing a staggering 39% on Swiss exports while Liechtenstein faces a mere 15%. This disparity raises eyebrows, with economists pointing to Liechtenstein's EEA membership as a possible reason. As Swiss industries, especially machinery and food, brace for impact, Liechtenstein's fate remains intricately linked to its neighbor.

1 / 2