What is the Section 122 surcharge and how long can it last?

Section 122 of US trade law permits a temporary import surcharge of up to 15% for a maximum of 150 days. It is applied at the border on the customs value of goods. The current plan sets the rate at 15%, with exemptions for pharma and aircraft shipments remaining in place for now.

Which Swiss sectors are most exposed to the Trump 15% tariffs?

Exposure is highest in watches, machinery, precision tools, specialty chemicals, and some foods. Pharmaceutical and aircraft-related shipments are exempt, which reduces the burden on major life sciences and aerospace suppliers. Companies with weak pricing power or rigid contracts face the greatest near-term margin risk in the US market.

What is Parliament debating regarding US imports?

Lawmakers will consider whether to keep tariff relief on select US imports. Keeping relief could support talks with Washington and limit domestic cost increases. Suspending relief would mirror US restrictions but may raise prices for Swiss firms and consumers. The outcome will guide policy signals and reciprocity over the coming months.

What should investors monitor during the 150-day window?

Focus on contract pass-through terms, pricing actions in the US, and guidance sensitivity to customs costs and USD moves. Track any changes to exemptions, customs implementation notices, and the timing of the parliamentary debate. Company updates on inventory, delivery timing, and product mix shifts will also be key signals.

Law and Government

February 22: Switzerland Mulls Response to Trump’s 15% Tariffs

ByHuzaifa Zahoor February 22, 2026February 22, 2026

Trump 15% tariffs are back in focus for Switzerland as Bern weighs its options. The White House plans a temporary 15% Section 122 surcharge for up to 150 days, with pharma and aircraft exemptions intact. Swiss lawmakers will debate whether to keep tariff relief on select US imports, a choice that could shape Switzerland US trade costs, pricing power, and deal-making momentum. We explain near-term risks, scenarios, and what investors should track now.