Swiss watchmakers halt US shipments awaiting lower tariffs
Zurich, Switzerland – Swiss watch exports to the US plummeted again in November, as manufacturers delayed shipments in anticipation of a tariff reduction to 15 percent.
According to data from the watchmaking federation published on Thursday, exports to the US fell by 52.3 percent in November. This follows declines of 46.8 percent in October, 55.6 percent in September and 23.9 percent in August. The drop was due to the 39 percent tariffs Washington imposed on Switzerland in August, which have since been renegotiated.
“These figures should be treated with caution,” warned Yves Bugmann, president of the watchmaking federation. He explained that watch companies were aware a reduction was imminent and “obviously did not export to the US while waiting for the 15 percent rate to be implemented.”
Following three trips to Washington since August, minister of economy Guy Parmelin returned to Bern in mid-November with a draft agreement to reduce tariffs to 15 percent.
The implementation date for this reduction was delayed. However, the minister finally announced last week that it would come into effect, retroactive to November 14.
“Excluding the US, exports saw a modest growth of 2.2 percent, confirming the relative resilience of most other major markets,” commented Jean-Philippe Bertschy, an analyst at Vontobel, in a market note.
During November, Swiss watch exports fell by 3.2 percent to China and 4.1 percent to Japan. However, they increased by 3.1 percent to Hong Kong and 7.9 percent to the UK, Europe's largest watch market.
According to the analyst, the watchmaking sector is preparing to enter 2026 on a “mixed” footing. The comparison with Asia will be more favourable. However, he warns that “the US remains unpredictable.”
The year 2025 was very turbulent for Swiss watchmakers due to the tariffs, which caused great concern within the sector. The US is their largest market, and its growth had been helping to offset the fall in demand in China.
Following the April announcements of what Donald Trump called “Liberation Day”, watchmakers rushed to build up stock in the US before the new tariffs came into effect. Deliveries were abruptly halted in August when the tariff rose to 39 percent.
- Swiss watch exports to the US fell drastically in November as manufacturers delayed shipments, anticipating a tariff reduction from 39 percent to 15 percent.
- Despite the decline in the US, exports to other key markets like Hong Kong and the UK showed growth, indicating the sector's overall resilience.
- The Swiss watch sector faces an uncertain future in 2026, with mixed expectations due to the unpredictability of the US market, which is its largest market and offsets demand in China.
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