How US Tariffs Reshaped Swiss Watch Trade Through 2025-2026

US tariff policy has been one of the defining forces in Swiss watch trade data over the past year. A 10% baseline tariff on Swiss imports took effect in April 2025 under executive economic authority; by August 2025, that rate had risen to 39%, a level trade commentary describes as having triggered genuine panic across the industry.

The effect on trade volumes was immediate and severe: Swiss exports to the US reportedly collapsed 56% in September 2025 and 46.8% in October, even though underlying consumer demand had not fallen anywhere near as sharply. Analysts attributed much of the drop to Swiss manufacturers deliberately withholding inventory rather than clearing it at the new tariff cost.

That volatility continues to distort year-over-year comparisons well into 2026. April 2026's reported 56.4% year-over-year decline in US-bound exports, for instance, is significantly inflated by the fact that April 2025 saw brands front-loading shipments ahead of the initial tariff announcement, creating an unusually high comparison base.

Commentary on the broader 2026 luxury watch market argues that tariffs are one of several "invisible forces" reshaping the industry this year, alongside Chinese regulatory shifts, the gold price surge, and the rapid rise of certain Asian luxury brands, suggesting the tariff story is far from the only variable investors and collectors should track.