Post by Zürich Networking Group

#economy Swiss tariff damage grows as firms plan job cuts, relocations Switzerland’s manufacturing sector is putting pressure on the Swiss government to get better trade terms, as US tariffs weigh on activity and companies consider job cuts and relocating production. Bloomberg reports:   More than 30% of companies are planning to shift operations to the European Union because of the levies President Donald Trump imposed on the country, trade group Swissmem said Tuesday. Many are also considering short-time work or layoffs.   The 39% US tariff on Switzerland is the highest imposed on any developed nation and poses a major threat to businesses and the economy. Swiss officials are trying to remedy the situation with a new offer to the US, aiming to get a new deal by October. US Treasury Secretary Scott Bessent has indicated that the US wants to wrap up outstanding negotiations with countries by then.   “We are currently in a dangerous downward spiral, and the knock-on effect is being accentuated by the US tariffs,” Swissmem Director Stefan Brupbacher said. “This is a dramatic situation for the affected companies, employees and regions.” #financial #future #international #zurich #business #jobcuts #humanresources #talentmanagement