Switzerland

The US–Switzerland bilateral trade framework, operationalized through a Section 122 tariff instrument effective 24 February 2026, replaced prior IEEPA-based tariffs with an across-the-board additional tariff ceiling of 10% on Swiss exports to the US, added to applicable Most Favoured Nation (MFN) rates. A critical near-term exposure is the scheduled imposition of Section 232 tariffs on pharmaceutical products from 31 July 2026, a sector that constitutes a dominant share of Swiss export value to the US.

SECO (Swiss Secretariat for Economic Affairs) · 2026-05-22

The framework agreement between the US, Switzerland, and Liechtenstein includes commitments by Switzerland to remove a range of tariffs across agricultural and industrial sectors, establish tariff rate quotas for US poultry, beef, and bison, and address non-tariff barriers including mutual recognition of conformity assessment bodies and acceptance of certain US technical standards for automobiles and medical devices. Negotiations toward a binding agreement were targeted for conclusion in early 2026.

White House Fact Sheet · 2026-05-22

Switzerland's trade policy posture under geopolitical stress continues to prioritize diversification of trade partnerships and adherence to WTO rules, with EFTA-channel free trade agreements remaining the primary vehicle for market access expansion. An EFTA–Mercosur agreement has been negotiated but not yet signed, and Switzerland maintains 33 FTAs covering 43 partners as of the current reporting period.

SWI Swissinfo / US International Trade Administration · 2026-05-22

The SNB held its policy rate at 0% at its March 2026 monetary policy assessment, with the next scheduled decision anticipated in June 2026. The SNB projects GDP growth of approximately 1% for 2026 and around 1.5% for 2027, with near-term growth characterized as subdued; the primary downside risk is identified as the trajectory of the global economy, particularly the Middle East conflict's impact on energy prices and trade flows.

Swiss National Bank · 2026-05-22

Inflation in Switzerland remains structurally low, rising from 0.0% in November 2025 to 0.1% in February 2026, driven primarily by goods price increases. The SNB's conditional inflation forecast stands at 0.5% for 2026, 0.5% for 2027, and 0.6% for 2028—well within the price-stability band—with market analysts not anticipating any policy rate change in 2026 and projecting the first potential rate hike in the second half of 2027.

SNB Quarterly Bulletin 1/2026 / Morningstar Europe · 2026-05-22

The SNB has signaled increased willingness to intervene in foreign exchange markets to counter excessive Swiss franc appreciation, particularly given CHF safe-haven demand generated by Middle East conflict escalation. SNB company talks for Q1 2026 indicate solid growth in services and early signs of a manufacturing upturn, though technical capacity utilization in manufacturing remains significantly below normal levels.

Swiss National Bank · 2026-05-22

Switzerland's revised Anti-Money Laundering Ordinance, effective in 2026, requires financial intermediaries to identify the natural person behind every complex corporate structure and mandates a data-driven, risk-based approach to monitoring high-risk clients. The revisions extend equivalent AML obligations to virtual asset service providers, and the Federal Act on the Transparency of Legal Entities and the Identification of Beneficial Owners (LETRA) is expected to enter into force in mid-2026, establishing a centralized beneficial ownership register accessible only to Swiss authorities and regulated financial intermediaries—not the general public.

Fincrime Central / Borel Barbey · 2026-05-22

FINMA Circular 2026/1 on nature-related financial risks entered into force on 1 January 2026 for systemically significant institutions (supervisory categories 1–2), requiring systematic integration of climate and environmental risks into governance and risk management frameworks; smaller institutions (categories 3–5) have until 1 January 2027 for climate-related risks and until 1 January 2028 for broader nature-related risks. The Bern Financial Services Agreement (BFSA) between Switzerland and the United Kingdom, establishing a mutual recognition regime for cross-border financial services, was also scheduled to enter into force on 1 January 2026.

Borel Barbey / Chambers and Partners Banking Regulation 2026 · 2026-05-22

A broad package of domestic regulatory changes took effect at the start of 2026, including replacement of the Tarmed medical tariff system with Tardoc (affecting healthcare sector operators), a 4% average reduction in basic electricity tariffs to approximately CHF 0.277/kWh, and an extension of the construction defect reporting deadline from 7 to 60 days with mandatory repair rights. The Federal Council is also preparing a counterproposal to the 2025 Responsible Business Initiative, which calls for stricter human rights and environmental due diligence obligations with turnover-based sanctions.

k-flash / Mondaq ESG Law Switzerland 2026 · 2026-05-22