Swiss exporters are worried about the threats that President elect-Trump has made over tariffs.
Switzerland exports more finished products to the US than any other country. Many of those are high-value, such as machinery, watches and pharmaceuticals.
While the details are not known, analysts believe tariffs could reach levels not seen since the 1930s – around 20%.
The KOF economic institute says that the US move could cut 0.2% off the economy initially, but if sustained – could result in GDP losing 1%.
A secondary worry is that the EU and China will take retaliatory measures – pushing up their own import tariffs.