Swiss central bank says tariffs are a ‘major challenge’ as deal with U.S. remains elusive

The Swiss National Bank said Thursday that tariffs on goods to the U.S. present a “major challenge” for exporters, with its economy set to take a hit.

The country has swallowed some of the

The machinery and watchmaking industries will be most affected by the levies, according to Schudin.

“As a result of the tariffs and the high level of uncertainty, we expect growth of just under 1% for 2026,” he added.

It marks a downgrade from the 1%-1.5% growth expectation for next year stated at the central bank’s June policy meeting.