ZURICH, Sept 18 (Reuters) - Swiss goods exports to the
United States dropped by more than a fifth in August, the month
in which President Donald Trump imposed 39% tariffs on the
country, official data showed on Thursday.
When adjusted for seasonal swings, total Swiss exports were
down 1% compared to the previous month in nominal terms, and up
2.4% in real terms, according to the Swiss government.
Trump applied the tariffs on August 7, arguing they were
justified by the U.S. trade deficit with Switzerland. Certain
goods such as pharmaceutical products and gold were exempt.
The United States has been Switzerland's largest single
foreign market for goods, and Trump's tariffs caused shock and
dismay among the country's export-oriented companies.
Exports to the U.S. dipped in August by 22.1% to 3.1 billion
Swiss francs ($3.9 billion) from almost 4 billion francs in
July. The data exclude precious metals and stones, works of art
and antiques. The decline took exports to the U.S. to their
lowest level since the end of 2020, the government said.
The figures showed that an increase in exports to European
Union countries and Canada partially offset the U.S. drop. They
also showed that Germany in August moved past the United States
to become Switzerland's biggest export market.
($1 = 0.7881 Swiss francs)
(Writing by Dave Graham, editing by John Revill)