Swiss tech faces severe blow from Trump tariffs, industry group says
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FILE PHOTO: View of the Swissmem logo, the association of Swiss engineering, electrical and metal industry, at its headquarters in Zurich, Switzerland November 12, 2020. REUTERS/Arnd Wiegmann/File Photo
ZURICH (Reuters) - Swiss tech companies are facing a serious setback from trade tariffs imposed by the United States on Switzerland, industry association Swissmem said on Thursday.
"The new tariffs are a severe blow to companies in the Swiss tech industry, which are in a difficult situation after many months of declining sales," Swissmem said in a statement.
U.S. President Donald Trump on Wednesday imposed a 31% tariff on imports from Switzerland compared with 20% on goods from the European Union and 10% from Britain.
(Reporting by Dave Graham, Editing by Friederike Heine)
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