Swiss warn against U.S-Europe trade clash as official visits Washington

Dow Jones Industrial Average -0.70%
S&P 500 index -0.84%
NASDAQ -0.91%

Dow Jones Industrial Average

DJI

42215.80

-0.70%

S&P 500 index

SPX

5982.72

-0.84%

NASDAQ

IXIC

19521.09

-0.91%

- Switzerland on Monday warned against an escalation of the tariff dispute between the United States and Europe as the country's top trade official visits Washington to meet representatives from the Trump administration.

Helene Budliger Artieda, who leads the State Secretariat for Economic Affairs (SECO) has travelled to the United States as Switzerland seeks to avoid being caught in the crossfire of tariffs and counter tariffs.

Switzerland is vulnerable as the United States is its biggest single export market, with products including watches and pharmaceuticals.

"An escalation of the trade dispute between the USA and the EU - Switzerland's two most important trading partners - is not in the interest of Switzerland as a medium-sized and export orientated economy," SECO said in a statement.

SECO warned Switzerland could be hit indirectly if tariffs on European cars announced by the United States came into effect, as many automotive suppliers are based in the country.

SECO declined to give details of who Budliger Artieda would meet or what the content of the talks would be.

The United States Trade Representative is currently analysing whether Switzerland and several other countries are engaged in "unfair trade practices".

Although Switzerland has a large trade surplus in goods with the United States, the country is not acting unfairly and had abolished tariffs on industrial goods, Budliger Artieda told Swiss media earlier this month.

Switzerland is sixth biggest source of foreign direct investment in the United States, with Swiss companies creating nearly half a million jobs in the country.


(Reporting by John Revill
Editing by Dave Graham)

((John.Revill@thomsonreuters.com; +41 41 528 36 37; Reuters Messaging: john.revill.thomsonreuters.com@reuters.net))

Every question you ask will be answered
Scan the QR code to contact us
whatsapp
Also you can contact us via