Swiss watch exports to US take tumble amid high tariffs

Swiss watch exports went into a tailspin in August, after surging in July in response to tariffs imposed by the United States. Shipments of timepieces to the US plummeted by almost a quarter, following a 45% jump in July. +Get the most important news from Switzerland in your inbox Overall, Swiss watch exports fell by 16.5% in monthly terms to CHF1.64 billion ($2.08 billion), according to statistics published on Thursday by the Federation of the Swiss Watch Industry. Over the first eight months of the year, the drop was 1%. Customs duties of 39% on Swiss products imported into the United States came into force on August 7. In anticipation of their introduction, watch brands experienced a surge in demand in July in the US. But in August, shipments to this market plummeted by 24%, to CHF245.1 million. The United States remains the sector's main market, with a share of around 15%. This is by far the sharpest decline suffered by any market in August. Hong Kong and China continue to ... Full story here Are you the author? Previous post See more for 3.) Swissinfo Business and Economy Next post
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