Trade Relations & Tariffs - The US has imposed a 39% tariff on Switzerland, the highest tariff Washington has levied on any nation [1] - This tariff is a response to Switzerland's $385 billion (Note: There seems to be a typo in the original document, it should likely be $385 billion instead of $38.5% billion) trade surplus with the US in 2024 [1] - Other countries with trade surpluses, like Japan and South Korea, accepted 15% duties [2] - The EU, which Switzerland is not a part of, was also taxed at 15% [2] Impact on Swiss Economy - The 39% tariff impacts Swiss luxury exports such as watches, Nespresso, cheese, and chocolate [2] - If the 39% tariff is applied across the board, including pharmaceuticals, up to 1% of Switzerland's economic output could be at risk in the medium term [3] Pharmaceutical Industry - Pharmaceuticals are currently exempt from the tariff [3] - The US plans to announce tariffs on pharmaceutical imports, potentially reaching as high as 250% [4] - Switzerland is home to pharmaceutical giants Novartis and Roche [4] Diplomatic Efforts - The Swiss President made an emergency trip to Washington but was unable to secure a meeting or deal [3]

Trade Relations - The United States imposes 25% tariffs on India [1]