Swiss stock market falls after Trump's tariff shock

Published on: Sunday 03 August 2025

STORY: European shares ended three straight sessions of declines Monday (August 4) and recovered some ground from Friday's sell-off. But Switzerland caught the market's attention as stocks there hit their lowest in more than three months. The top ten fallers on the STOXX 600 in early trade were Swiss. Investors were spooked as they took in a major 39% tariff rate the U.S. placed on the country. Swiss manufacturers warned Friday tens of thousands of jobs were at risk after being hit with such a heavy rate. The country is a top export market for its pharmaceuticals, watches, machinery and chocolate. The levy is also much higher than the baseline tariff of 15% face by the EU, Japan and South Korea. Swiss luxury companies Richemont and Swatch were among the most exposed to tariffs. Swatch CEO Nick Hayek called on the Swiss President to meet Trump in Washington to negotiate a better deal. Swiss pharma stocks Novartis and Roche both slipped at the market open. Pharma exports weren't included in the tariffs announced Friday. But investors took note of a letter President Donald Trump sent to the leaders of 17 major pharma companies directing them to slash U.S. prescription drug prices.

News source: https://finance.yahoo.com/video/swiss-stock-market-falls-trumps-110341895.html

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Swiss stock market falls after Trump's tariff shock