Federal Council will convene urgently today to draft a response to US tariffs; Basel-based pharma companies could be spared higher import duties; and more Swiss news in our roundup on Monday.
US tariffs: Government calls an emergency meeting today
The Federal Council is planning to hold a video conference today to discuss how Switzerland should respond to the 39-percent customs duties for Swiss imports to the United States.
However, experts believe that lowering the tariffs will not be an easy task.
“The tariffs will be difficult to renegotiate,” said Philippe Nell, a former government negotiator.
And imposing Swiss sanctions as a response — as some have suggested — “is not a good idea, because Switzerland’s share in the US businesses is minimal,” and would therefore not have any significant impact on America’s economy.
Some Swiss companies could be exempted from the high tariff — if they meet certain conditions
Swiss pharmaceutical giants Roche and Novartis may not have to pay the 39-percent duties if, in exchange, they will lower the prices of drugs they export to the United States.
In April, when customs duties were originally announced, President Trump excluded several sectors from higher tariffs, such as the pharmaceutical industry, precious metals sector, and various electronic products, according to Matthias Bopp, head of international trade at KPMG financial services company.
However, to benefit from this exclusion, pharma companies have to reduce prices on US-bound medicines within the next 60 days.
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Switzerland prepares to issue new banknotes
As the theme of the planned 10th banknote series — to be put into circulation at the beginning of the 2030s — the Swiss National Bank (SNB) chose to feature “Switzerland and its Altitudes.”
Therefore, the new banknotes will depict various Swiss mountains — low, medium, and high — ranging from the Jura hills to the Alps.
In the fall of 2024, the SNB asked Switzerland’s population to send in their designs for the new banknotes; out of 300 submissions, 12 were chosen and tasked with creating the final sketches by July 31st, 2025.
Now completed, they will be unveiled to the public in the coming weeks.
READ ALSO: Explaining the images on Swiss franc banknotes
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EasyJet is launching two new, cheap flights from Switzerland to the Canary Islands
This fall, just as the weather cools down, the low-cost airline will inaugurate two new routes to warm destinations: from Geneva to Fuerteventura every Saturday from November 1st, and to La Palma every Tuesday and Saturday from Basel EuroAirport starting on November 11th.
And prices will be hard to beat.
A one-way ticket will cost 43 francs to Fuerteventura, and only 32 francs to La Palma — the cheapest prices for these two destinations from Swiss airports.
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