US midterm results could ease trade tensions with Switzerland

A Democratic victory in the US midterm elections could help ease trade tensions with Switzerland, reducing the likelihood of further tariff increases for Swiss exporters.

With a majority in both houses of Congress, the Democrats can block President Donald Trump’s legislative agenda and exert greater pressure on his trade policy. According to Swiss private bank J. Safra Sarasin, this could pave the way for a relaxation of tariffs, particularly for allied countries.

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Trade policy

Explainer: How the new US tariffs are already impacting the Swiss economy

This content was published on

Sep 8, 2025


On August 1, US President Donald Trump announced a tariff of 39% for Switzerland. The effects are slowly becoming visible.

Read more: Explainer: How the new US tariffs are already impacting the Swiss economy

However, any expectation that the existing tariffs will be lifted quickly would be misplaced. Trump retains his veto power and could still act through executive orders in a range of areas. As a result, the Swiss economy is likely to face uncertainty over trade policy for some time to come.

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Food supply chains

Truth or tale: Is it true that forced labour exists in Swiss supply chains?

This content was published on

Jul 24, 2026


Switzerland is among 60 countries hit with new US tariffs for not doing enough to combat forced labour. Is there any truth to the accusation?

Read more: Truth or tale: Is it true that forced labour exists in Swiss supply chains?

The change in control on Capitol Hill could also have implications for financial markets. Congress plays a key role in public spending, which in turn can influence yields on US government bonds. However, independent Swiss banking group Lombard Odier says it remains unclear how the new political balance of power might affect the dollar. Any weakening of the greenback would present a further challenge for Swiss exporters, while making travel and shopping in the US cheaper for people from Switzerland.

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Swiss diplomacy

How Trump is manoeuvring Switzerland closer to the EU

This content was published on

Aug 8, 2025


The steep US tariffs of 39% have sent shockwaves through Switzerland. They give a boost to those who advocate closer ties with the EU.

Read more: How Trump is manoeuvring Switzerland closer to the EU

Trump, meanwhile, has said he will accept the election result. In the run-up to the vote, there was widespread speculation that he might challenge a Republican defeat, a scenario that could have triggered a prolonged period of political uncertainty with significant consequences for the markets. However, comments he made to the New York Times appear to have eased those concerns.

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Translated from Italian, reviewed by an English Department journalist.