00:00Now to Switzerland's tariff response.
00:02The Swiss government says it is assessing the situation before deciding how to respond.
00:07This is after the White House raises tariffs on Swiss imports to 39%, up from 31%.
00:13The new rate puts Switzerland among the most heavily impacted countries,
00:19well above the 15% tariff most EU goods face.
00:22The Swiss Federal Council said it is in talks with US authorities
00:26and remains committed to strive for a negotiated solution.
00:30The higher duties are weighing heavily on key export sectors,
00:34including watchmakers, machinery producers and precision instrument manufacturers.
00:39According to Federation of the Swiss Watch Industry,
00:43the US is Switzerland's top foreign market for watches,
00:46accounting for 16.8% of exports or 4.4 billion francs.
00:52In 2024, Switzerland exported around 65 billion francs
00:56or US$80 billion worth of goods to the US, about one-sixth of its total exports.
01:03Swiss government data showed that total bilateral trade amounted to 91.9 billion francs
01:08or 12.7% of Switzerland's overall trade volume.
01:12The Swiss trade surplus with the US stood at 38.7 billion francs last year.
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