Not all Swiss cantons are equally exposed to America’s new tariff regime. Some—particularly those with close industrial or economic ties to the United States—stand to lose far more than others, reported RTS.
Nidwalden tops the list of those most affected. Nearly half of its exports cross the Atlantic, largely thanks to Pilatus, the aircraft manufacturer headquartered in Stans and the canton’s largest employer, with around 3,000 staff. The firm recently announced a temporary halt to deliveries to the US, underlining the impact of the new 39% import duty introduced by Washington on Swiss goods.
Three of the top five cantons most exposed to the US market are in French-speaking Switzerland. Neuchâtel sends 37% of its exports to America, followed by Valais (22%) and Vaud (21%).
In terms of value, however, Basel-City leads by a wide margin. In 2024, Switzerland’s pharmaceutical capital shipped CHF 20 billion worth of goods to the US—38% of total Swiss exports to that market. These are primarily pharmaceutical products, which for now remain exempt from the new duties.
Neuchâtel ranks second, with CHF 5.4 billion in exports, thanks to a diversified industrial base including pharmaceuticals, watchmaking and precision machinery. Aargau follows with CHF 4 billion.
Swiss economics minister Guy Parmelin and finance minister Karin Keller-Sutter said on Thursday that Bern remains committed to reducing the new tariffs as quickly as possible. For now, the government has ruled out retaliatory measures.
Switzerland is not alone in facing steep duties. Most countries are subject to tariffs ranging from 10% to 15%. Some, such as Canada (35%), India and Brazil (both 50%), fare even worse. The EU has managed to negotiate 15%, far less than Switzerland, prompting discussions on whether to shift manufacturing to neighbouring nations.
Without including exports of gold or artworks—which can skew trade data—Nidwalden remains the most US export-dependent canton relative to its total production. But as the political fallout from Washington’s move continues to unfold, all eyes will be on whether diplomatic efforts can shield the most exposed Swiss regions from lasting harm.
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