US Tariffs on Imports from Switzerland

Switzerland saw the largest tariff reduction in Europe from the SCOTUS ruling — its rate plunged from 31% (IEEPA, one of the highest in Europe) to 10% (Section 122), a 21-point drop. US imports from Switzerland total approximately $50B annually, dominated by pharmaceuticals (Novartis, Roche at 0% MFN) and luxury watches. The massive rate cut transforms the economics of Swiss non-pharma exports.

Switzerland is not an EU member and trades with the US under WTO MFN terms with no bilateral FTA. Despite its small size, Switzerland is one of the largest US trading partners due to its pharmaceutical giants (Novartis, Roche, which together represent some of the highest-value pharmaceutical exports to the US) and its dominant position in luxury watchmaking. The old 31% IEEPA rate reflected Switzerland's historically high agricultural tariffs, but the Section 122 replacement at 10% dramatically narrows the gap. Switzerland's EFTA membership does not provide preferential US access.

Key Products Imported from Switzerland

Top imports include pharmaceuticals (Novartis, Roche), watches and clocks (Rolex, Omega, Patek Philippe, TAG Heuer), precision instruments, gold and precious metals, chemicals, chocolate, and cheese (Gruyere, Emmental). Switzerland is the global center for luxury watchmaking and a pharmaceutical powerhouse.

Recent Changes

Feb 20, 2026: SCOTUS struck down IEEPA tariffs 6-3 — Switzerland's rate plunged from 31% to 10% under Section 122 (effective Feb 24, expires ~July 24, 2026). A 21-point reduction — the largest in Europe. Section 232 steel and aluminum tariffs of 50% remain. Swiss pharmaceuticals from Novartis and Roche continue to grow strongly; these enter at 0% MFN, so the Section 122 tariff is the only layer and just dropped by 21 points. Swiss watch exports to the US are dramatically more competitive at 10% versus the old 31%. No FTA negotiations are currently active.

Tips for Importers

The 21-point tariff reduction is transformative for Swiss exports. Pharmaceuticals from Novartis and Roche enter at 0% MFN duty, so the effective tariff dropped from 31% to just 10% — saving potentially hundreds of millions on high-value biologics and specialty drugs. Swiss watches (Rolex, Omega, Patek Philippe) now face 10% Section 122 plus MFN watch duties (varying by movement type and case material) instead of the old 31% + MFN — accurate HTS classification remains critical. Gold and precious metals have specific HTS treatment that may limit tariff exposure. Swiss cheese (Gruyere, Emmental) faces 10% Section 122 plus MFN dairy TRQ rates. First-sale valuation is especially valuable for Swiss luxury watches purchased through distributors. The Section 122 tariff expires ~July 24, 2026 — plan inventory accordingly.