As expected, US President Donald Trump's tariff blow against Switzerland left its mark on the local economy in the third quarter. +Get the most important news from Switzerland in your inbox Gross domestic product (GDP) shrank by 0.5% in the third quarter on an adjusted basis compared to the previous quarter. On Friday, the State Secretariat for Economic Affairs (SECO) confirmed the flash estimate published a fortnight ago. The chemical-pharmaceutical industry in particular recorded a significant decline of 7.9% between July and September, according to the report. + Swiss politicians decry ‘gold bar diplomacy’ in Trump trade deal At the same time, SECO says the development in the sector should be seen against the backdrop of pull-forward effects in the previous quarters. In anticipation of US tariffs, inventories were heavily stockpiled; exports shot up accordingly. Exports from the chemical-pharmaceutical industry make up the lion's share of Swiss exports: in 2024, for example ...
