Swiss Medtech Firms Face Potential US Tariff Hike
Swiss medical technology firms are bracing for potential additional tariffs in the US stock market today. The US Department of Commerce is investigating imports of certain medical devices, which could impact around 350 Swiss firms active in the sector. The US is the second-largest market for Swiss medical device exports, valued at CHF 2.8 billion.
Swiss companies already face a 39% customs duty on their products entering the US, significantly higher than the 15% duty for EU-based competitors. The European Union remains the most important market for Swiss medical device exports, with a 50% share and a value of CHF 6.2 billion. Suppliers in Switzerland are worried about potential new customs duties in the United States stock market, which could further increase costs and hinder their competitiveness.
The investigation under Section 232 of the Trade Expansion Act of 1962 may result in additional tariffs on Swiss medical devices imported to the US. This could negatively affect the 350 Swiss firms active in the Medtech sector, with potential impacts on various industries like machines and electronics. The US is a crucial market for Swiss exports, making the outcome of this investigation significant for the Swiss medical technology industry.
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