United States of America

The U.S. economy remains resilient, with real GDP growth of about 2% expected for 2025. Inflation is moderating toward 3%, and the Federal Reserve has begun gradually lowering interest rates. Public investment in infrastructure, green technologies and advanced manufacturing continues to stimulate activity. While public debt is at historically high levels and political uncertainty is shaping policy shifts, the U.S. maintains robust consumer demand and remains one of the most dynamic major economies.

The United States is one of Switzerland’s most important trading partners. Swiss exports are led by pharmaceuticals, chemicals, precision instruments, machinery and watches, while U.S. exports to Switzerland include machinery, vehicles, metals and ICT-related services. However, the bilateral trade environment has become more volatile. In August 2025, the U.S. imposed a 39% tariff on many Swiss goods. A framework agreement announced in November 2025 proposes reducing most of these tariffs to around 15%, but implementation is still pending and sector-specific exceptions remain. As a result, Swiss companies must consider tariff exposure and supply-chain impacts more carefully than in the past.

Significant opportunities exist in healthcare and life sciences, where the U.S. remains the global leader in R&D and market size. Strong potential also lies in clean energy systems, hydrogen, energy storage, grid modernisation and efficiency technologies, supported by federal incentives. The rapid growth of AI, cloud computing, data centres and cybersecurity continues to drive demand for Swiss software, electronics, automation and high-precision components. Industrial reshoring and semiconductor investments further strengthen demand for Swiss machinery, robotics and process-control solutions.

Promising sectors include pharmaceuticals and medtech, advanced manufacturing and semiconductors, renewable energy and climate technologies, and AI-driven digital services. Growth in data infrastructure, EV technologies, battery systems and smart-manufacturing solutions is creating strong demand for reliable international partners. State-level programmes in mobility, water infrastructure and clean energy offer additional entry points for Swiss exporters.

Swiss exporters face a more complex environment than in previous years. New tariffs and shifting trade policies require strategic planning. Regulatory requirements vary widely between federal and state levels, especially in healthcare, finance and data protection. High public debt, political polarisation and geopolitical tensions can influence market conditions. Swiss companies need strong compliance competencies, clear differentiation and robust local partnerships to succeed in this competitive landscape.