Swiss firms invest $27 billion in US after tariff deal, NZZ am Sonntag reports

• Major Swiss investors include Novartis (biomedical research center in San Diego and cancer-drug facility in Texas), Roche (expanding North Carolina operations), and shipping group MSC (new Miami headquarters)
• The U.S. plans to impose new 12.5% tariffs on Swiss goods related to forced labor concerns, higher than the 10% rate for EU goods
• Swiss Amcham Chief Executive called Switzerland 'model students' fulfilling promises, as industrial firms like Pfiffner Group and Elma also expand U.S. production capacity

Summary

Swiss companies have invested $27 billion in the United States between January and April, working toward a five-year, $200 billion commitment made as part of a tariff agreement with Washington. The pledge was announced on November 14 and helped secure a reduction in U.S. tariffs on Swiss goods from 39% to 15%, following punitive measures imposed by President Trump in early August.

Key Investors and Projects:

Major Swiss pharmaceutical companies are leading the investment push. Novartis announced two U.S. projects, including a biomedical research center in San Diego and a cancer-drug production facility in Texas. Roche is expanding operations in North Carolina, while medical technology firm Ypsomed is constructing a new factory in the state.

Other significant investments include shipping group MSC's new North American headquarters in Miami, encompassing cruise and logistics operations. Industrial firms Pfiffner Group (machine tools) and Elma (electronics) are also expanding U.S. production capacity.

Market Implications:

Swiss Amcham Chief Executive Rahul Sahgal emphasized Switzerland's commitment to fulfilling its promises, stating they are "model students." However, new challenges are emerging as Washington recently announced additional tariffs targeting forced labor concerns. Under this measure, Swiss goods face a 12.5% tariff compared to 10% for EU goods.

The substantial investment flow demonstrates Switzerland's strategic response to U.S. trade pressure, with companies accelerating American operations to secure market access and avoid higher tariffs. The healthcare and pharmaceutical sectors are particularly prominent in this expansion effort.