Tariffs of 39% that were slapped on Swiss goods by U.S. President Donald Trump have been “horrible” for Switzerland, the chief executive of Swiss luxury watchmaker Breitling told CNBC.
“These [duties] were terrible news, 39% tariffs is horrible,” Breitling’s Georges Kern said.
“Swiss politicians weren’t very well prepared,” Kern told CNBC’s Carolin Roth, adding that the government did not seem to understand how to negotiate with the “business people” of the Trump administration.
Breitling luxury watch prices have increased by 4% globally to balance the cost of tariffs, with average prices rising from $4,300 to $7,200.
In August, the White House imposed 39% trade tariffs on Swiss exports to the U.S., citing the country’s large trade surplus with the States as the main justification for the hike. The Swiss government refrained from retaliatory measures, choosing instead to continue negotiations with Washington. No trade deal has been reached yet.
