03/12/2026, 06:4803/12/2026, 06:48
After recent legal setbacks for US President Donald Trump’s customs policy, the government is launching an investigation. The aim is to find out whether structural overcapacity in manufacturing sectors in Switzerland and other countries leads to disadvantages for the US economy. The results of the investigation could serve as the basis for new tariffs.
US Trade Representative Jamieson Greer.Image: keystone
In addition to Switzerland, the European Union, Norway, China, Japan, Mexico, Taiwan, India and other Asian countries are also being checked. The office of Trade Representative Jamieson Greer announced this on Wednesday (local time).
The investigation is therefore based on a passage from a trade law from 1974. In the past, the USA had used this mechanism to impose punitive tariffs against China.
In February, the Supreme Court barred Trump from issuing an executive order citing another law to impose tariffs. Since the start of his second term in office in January 2025, he had bypassed the US Parliament and imposed import fees on imports from dozens of trading partners.
The Supreme Court ruled against Trump in February.Image: keystone
Trump is now looking for other options
After the ruling, Trump announced that he would use other instruments to enforce his tariff policy. He also immediately introduced new temporary tariffs.
There will be public hearings on the review that has now been ordered in May. The governments of the affected countries should also be consulted. Specific manufacturing sectors to be reviewed are not mentioned.
Trade balance is an issue again
At the same time, the announcement of the investigations generally states that there is a large trade surplus in Switzerland, for example. A document accompanying the communication mentions that refined gold, pharmaceutical products, chemicals and machinery would particularly contribute to this in Switzerland.
The trade balance against the USA was the main reason for Trump’s tariff hammer against Switzerland at the beginning of August last year. Because Switzerland exported more goods to the USA than it purchased from there, Trump accused Switzerland of unfair trade practices. After discussions with Swiss business representatives, among others, Trump finally reduced the punitive tariffs from 39 to 15 percent in mid-November.
A look at the latest figures on the trade deficit: Swiss exports to the USA, including gold, amounted to 3.3 billion francs in January 2026, according to figures from the Federal Office of Customs and Border Security from mid-February. At the same time, imports of US goods into Switzerland rose by almost half to 4.7 billion francs. Switzerland’s trade deficit was 1.4 billion francs in January. (dab/sda/dpa)