0723 GMT - Swiss stocks fall sharply in early trade after President Trump slapped Switzerland with a 39% tariff. Switzerland's SMI is down 1.5%, dropping to levels last seen in April, in its first reaction to the tariff news given that markets were shut Friday due to a local holiday. Zurich Insurance, UBS and Roche are among the biggest decliners. Trump last week decided to impose a 39% tariff on Switzerland, close to the highest tariffs of any country in the world and higher than the 31% rate floated in April, that is due to take effect Thursday. "This puts Swiss exporters at a considerable disadvantage compared to companies in the EU, Japan, or South Korea, which have a baseline tariff of 15%," Vontobel's Mark Diethelm says in a note. (adria.calatayud@wsj.com)
(END) Dow Jones Newswires
August 04, 2025 03:23 ET (07:23 GMT)
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