The Federal Council says it will not take any immediate retaliatory measures against the United States following the Trump Administration’s decision hit Switzerland with a 31% tax on exports.
The president, Karin Keller-Sutter says an escalation is not in Switzerland’s interests.
The Economy Minister, Guy Parmelin, says the Swiss economy has proven its resilience. He also notes that there are exceptions for pharmaceuticals and gold – which is more than half of Swiss exports to the US.
But, cheese, chocolate and watches will be hit.
Parmelin says the US decision is hard to understand and it’s the US consumer that will be most negatively affected. He also says investments by Swiss companies in the US are responsible for half a million American jobs.
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