Swiss firms invest $27 billion in US after tariff deal with Washington

Swiss companies invested $27 billion in the US in the first four months of 2026, fulfilling a pledge to sharply boost investment after Washington cut punitive tariffs on Swiss goods to 15 percent from 39 percent.

"We are model students and we fulfil our promises," Rahul Sahgal, chief executive of the Swiss-American Chamber of Commerce, said in an internal email seen by NZZ am Sonntag.

The figure covers the period from January through April and forms part of a broader commitment announced Nov. 14 for Swiss companies to invest $200 billion in the US over five years. Investors include Novartis, which is building a biomedical research centre in San Diego and a cancer-drug production facility in Texas; Roche, expanding output in North Carolina; and medical technology firm Ypsomed, constructing a new factory. Shipping group MSC is establishing its North American headquarters in Miami, covering cruise and logistics operations, while industrial companies Pfiffner Group and Elma are expanding US production capacity.

The investment surge signals that Switzerland is delivering on its end of the tariff bargain even as Washington prepares a fresh 12.5 percent levy on Swiss goods under a new forced-labour measure — 2.5 percentage points higher than the 10 percent rate planned for EU goods — raising the stakes for bilateral trade relations.

Tariff Rollback Unlocks Capital Flows

The $27 billion investment figure represents a 13.5 percent annualised run rate against the five-year, $200 billion pledge, suggesting Swiss companies are front-loading capital deployment. The original tariff agreement, struck Nov. 14, saw President Donald Trump reduce punitive duties on Swiss goods to 15 percent from 39 percent after imposing the higher rate at the beginning of August. Switzerland's rapid compliance contrasts with other trading partners that have faced prolonged tariff negotiations with the US.

The investments span pharmaceuticals, medical technology, shipping, and industrial manufacturing — sectors that collectively account for the bulk of Switzerland's export base. Novartis alone has announced two major US projects, including a biomedical research hub in San Diego and a cancer-drug manufacturing site in Texas, while Roche is expanding its North Carolina production footprint. Ypsomed's new US factory will serve the growing American market for insulin pump systems and other drug-delivery devices.

New Tariff Threat Looms

Despite the investment progress, Washington this week announced a new 12.5 percent tariff on Swiss goods under a forced-labour enforcement measure, compared with 10 percent for EU goods. The differential adds friction to a relationship that had appeared to stabilise after the November deal. The previous 39 percent tariff rate, had it remained in place, would have imposed roughly $10.6 billion in annual costs on Swiss exporters based on 2025 bilateral trade flows, according to Swiss customs data.

The Swiss-American Chamber of Commerce's internal communication, which contained the $27 billion figure, was circulated to members as evidence that the business community is following through on its commitments. Sahgal's characterisation of Swiss firms as "model students" reflects a broader strategy by Bern to position itself as a reliable trade partner — a contrast to the confrontational approach taken by Beijing and Brussels in their respective tariff disputes with Washington.

This article is for informational purposes only and does not constitute investment advice.