Explainer: Will Swiss supermarkets be inundated with cheap, hormone-filled beef after US tariff deal?

The US has reduced tariffs on Swiss exports from 39% to 15% but has wrangled duty-free access for American meat, fish and chicken in return. Should Swiss consumers be worried? The announcement on August 1 of a 39% tariff on all Swiss imports into the United States sent shockwaves through Switzerland. It came as a surprise, because the Swiss government was convinced it had negotiated down the 31% tariff announced on April 2 (United States President Donald Trump’s so-called Liberation Day) to a more manageable 10%. Instead, Swiss exporters had to contend with the highest tariff rate in Europe. As feared, the punitive 39% tariffs have also hit the Swiss agricultural sector, especially the cheese industry. Accounting for about 11% of Swiss exports at 8,774 tonnes in 2024, the US is the second biggest market for Swiss cheese after Germany. Data for the month of August (when the tariff came into force) released in October shows a 55.4% drop in Swiss cheese exports to the US compared to a ...