Swiss watch exports have fallen for the third consecutive month due to tariffs imposed by U.S. President Donald Trump. This was reported by Bloomberg.
According to the Federation of the Swiss Watch Industry, last month, watch exports fell by 4.4 percent compared to October of last year, reaching 2.2 billion Swiss francs ($2.7 billion). At the same time, exports to the United States, the largest market, plummeted by 47 percent. Meanwhile, shipments to China increased by 13 percent.
Last week, Swiss exporters received good news when the U.S. announced a reduction in the tariff from 39 to 15 percent. However, the specific date for the new agreement to take effect is still in question.
According to the Swiss National Bank, the most affected by the American tariffs were manufacturers of watches, machinery, and precision instruments, although Trump's tariff policy extended to other segments as well.
It was previously reported that U.S. and Swiss authorities were close to signing an agreement to reduce the 39 percent tariffs. As noted by the head of the White House, Washington dealt a very strong blow to Switzerland, but he wants it to continue to operate successfully and be a very good ally.
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