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)
Copyright (c) 2025 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.