Business News December 2025 \ Issue #425
ate a binding Agreement and reducing the additional tariff from 39% to 15% — was the result of months of tireless work. While we conducted a more detailed analysis of the Joint Statement in the previous edition of our Business News, the key points to retain are that the U.S. tariff reduction provides urgently needed relief for our member companies and puts Switzerland on equal competitive footing with the EU. Switzerland’s concessions in agriculture are moderate, with meat quotas amounting to less than 1% of Switzerland’s annual consumption. As a result, uncertainty has been reduced substantially. The process is moving forward. The United States has formally implemented the tariff modification today by publishing the Federal Register Notice amending the Harmonized Tariff Schedule (HTS). It states that “[t]he United States has agreed to modify these tariff rates with the understanding and expectation that the Agreement on Fair, Balanced, and Reciprocal Trade will be successfully negotiated by the first quarter of 2026. If the Agreement is not successfully negotiated by March 31, 2026, the United States will review and reconsider these modifications, as appropriate.” Similarly, this week the Foreign Affairs Committees of the Swiss Parliament approved the mandate to enter formal negotiations with the U.S., enabling the Swiss Government to pursue the negotiations swiftly based on the Joint Statement. As we enter the holiday season, it is worth reflecting on the lessons of this year. Constructive public-private cooperation, continued dialogue with the United States, and perseverance have proven essential. Challenges remain — a 15% tariff is still a burden, sector-specific tariffs like 50% on steel and aluminium or 25% on cars and car parts persist, and the strong Swiss franc weighs on competitiveness — but the direction is clear. Our work continues. Supporting the negotiations toward a binding agreement will remain our highest priority, together with close engagement with our members. Your trust, expertise, and commitment have been indispensable, and we are profoundly grateful. Onwards and upwards to 2026! With warm regards and sincere thanks, Rahul
GREETINGS FROM THE CEO
A tumultuous year is coming to an end As 2025 draws to a close, it is hard to escape the feeling that this year has been a mixed bag – and that things will not be the same again. This year has been marked by uncertainty and setbacks, but also by a sense that challenges can be dealt with constructively. Overall, both the Swiss and the U.S. economies have shown resilience in the face of these upheavals. For Switzerland, this year also reminded us how deeply intertwined Switzerland and the United States are, economically and politically. As the year unfolded, numerous issues in the bilateral economic relationship with the United States came to the fore, from Biden’s AI Diffusion Rule to the U.S. exit from the OECD Minimum Tax Approach, from national security investigations into certain sectors (Section 232) to pharmaceutical price caps. While I will touch upon some of those topics on later pages, the one that is on everyone’s mind is the tariff situation. Looking back, the reciprocal tariff announcement on April 2, 2025, and the imposition of a 39% additional tariff on Swiss exports to the United States on August 1, 2025, represented an abrupt and consequential shift in Swiss-American economic relations. The impact was immediate and significant. Exporters across industries were forced to rethink strategies, adjust supply chains, engage in stockpiling, and negotiate with their U.S. counterparts on who would carry the additional 39%. For some exporters, this situation simply upended their U.S. sales. These were new realities that few had anticipated at the start of the year. As written in Issue 423 of our Business News, we were disappointed but not discouraged. The Swiss government and the private sector mobilized swiftly and cohesively. What followed in November — a Joint Statement and Framework outlining the intent to negoti-
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Event photos
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Yearly review Member section
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Past Events
November 11, Zug, Life Science Hub Zug / Switzerland
Chantal Le Floch (Pfizer); Max Pahlow (Janssen- Cilag, Johnson & Johnson); Katharina Gasser (Roche Pharma); Rahul Sahgal (Swiss AmCham)
Manuela Arnold (EIM Switzerland); Petra Popp; Elisa Merico (Five Office)
Life Science Hub Zug / Switzerland
November 25, Zurich, Fireside Chat with Jan Jenisch, Chairman and CEO, Amrize
Fireside chat with Jan Jenisch, Chairman and CEO, Amrize
Eunice Zehnder-Lai; Stefan Rösch-Rütsche (Ernst & Young)
Mirjam Staub-Bisang (BlackRock Asset Management Schweiz); Jacques Sanche (Bucher Industries); Jan Jenisch (Amrize)
Joël Mesot (ETH Zurich); Aloys Hirzel (Trusted Board Advisors)
Sebastian di Paola (PwC); Anna Mattsson (McKinsey & Company, Inc. Switzerland, Wilmington, Zurich Branch); Flora Marin (PwC); Henderson Azevedo
Gustav Baldinger (PwC); Jan Jenisch (Amrize); Rahul Sahgal (Swiss AmCham)
December 01, Zurich, Jeremy Weir, Chairman, Trafigura
Jeremy Weir (Trafigura); Rahul Sahgal (Swiss AmCham)
Christophe Gevisier (Fribourg Development Agency); Jacqueline Hess (Vontobel Swiss Financial Advisers)
Polina Kempter (International Youth Federation); Vincent Thalmann (KPMG); Nicolas Bonvin (KPMG); David Tripodi (Ernst & Young)
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Past Events
December 02, Zurich, International Corporate Tax Symposium 2025
Experts shared insights on key topics such as: ▪️ Current works of the OECD on Pillar Two ▪️ Legal certainty and maintaining economic growth ▪️ EU and Taxation - Challenges for competitiveness ▪️ Switzerland - Leeway and limits ▪️ Tax policy developments in the U.S. ▪️ Impact of current tax dynamism on Swiss-based companies International Taxation - Quo Vadis?
Urs Duttweiler (State Secretariat for Inter- national Financial Matters); Tamara Pfammatter (Federal Tax Administration)
Pirmin Rohrer (Dow Europe); Andreea Rolea (FMC IP Technology); Christiaan van Hogen- dorp (Qnity)
Francesco Bungaro (European Commission); virtually attendance: Don Beyer (US House of Representatives); Kevin Brady (Akin Gump Strauss Hauer & Feld)
Rahul Sahgal (Swiss AmCham); James Parent (Nestlé); Kristin Sperling (Schindler); Florian Regli (F. Hoffmann-La Roche); Andreas Risi (UBS)
Jason Yen & Marlies de Ruiter (EY); Elizabeth Bell (PwC)
Thomas Semadeni (EY); Kristin Sperling (Schindler); Christoph Schärrer (Generis); Gabriel Bourquin (Swiss Bankers Association)
Julia Ann Nigg (Loyens & Loeff Switzerland); Christiaan van Hogendorp (Qnity); Brandi Marie Caruso (Deloitte)
Florian Regli (F. Hoffmann-La Roche); René Röthlisberger (Zurich Insurance Group)
With OECD Pillar Two countries seemingly losing competitiveness, countries trying to grab as much fiscal revenue as possible, the global relocation of companies due to trade tensions, and the United Nation engaging in the international tax discussion as well, the international tax environment looks erratic and unpredictable. The speakers discussed how this will play out across different jurisdictions, in Switzerland, the EU, the U.S. and other parts of the world, and what the micro- and macroeconomic consequences for countries could be.
Pirmin Rohrer (Dow Europe); Julia Bade (Clariant International)
Tamara Pfammatter (Federal Tax Admin- istration); René Röthlisberger (Zurich Insurance Group)
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Past Events
November 15, Southern California: Avantgarde Award Gala
The 4th Avantgarde Award Gala marked a memorable evening for the Swiss-American business community in Southern California, welcoming more than 220 guests, corporate partners, and sponsors to celebrate innovation, leadership, and purpose. Award Winners: Avantgarde Award: CRIMAGNO SA – redefining sustainable, high- end footwear Stewardship Award: Aspivix – advancing women’s health through innovation Hosted by SACCSoCal Chairman Mathias Hausherr, the event featured remarks by Ambassador and Consul General Jonas Brunschwig, who highlighted the strength of Swiss-American partnerships and Switzerland’s long-standing contributions to ethics, peace, and innovation. The keynote address was delivered by Christopher Thornberg, Founding Partner of Beacon Economics, who shared perspectives on the U.S. economy and Southern California’s role as a global innovation hub. The evening also set a new record for philanthropy, with the silent auction raising its highest amount to date in support of the Pediatric Cancer Research Foundation. The gala event and its fundraiser wouldn’t be possible without the trusted and committed sponsors and donors of the SoCal Chapter such as Vontobel SFA, Lindt & Sprüngli, Siegfried, MSC, The Stan Wawrinka Family, Georg Fischer and many more.
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MEMBER SECTION
Aebi Schmidt Holding AG Amrize Ltd. New Members CH
We are currently preparing a transition to a new CRM system, which will be introduced in 2026. This upgrade will help us improve the way we manage member data, communications, and services, ensuring a smoother and more efficient experience for you. During the transition period, there may be occasional delays or minor technical issues. If you notice anything unusual, please do not hesitate to contact us. Your feedback will help us resolve any problems quickly. Thank you for your understanding and support as we work to improve our systems for the benefit of all members. The most important tax and financial topics for Swiss Abroad - webinar Are you a Swiss citizen living abroad and looking for guidance on financial and tax matters? This recorded webinarfrom Swiss Community provides a concise overview, with a special focus on taxes. How do you read a double taxation New Client Relationship Management System Coming in 2026 agreement and what are the tax pitfalls in relation to income, pension funds, assets, real estate and inheritance? What are the key financial considerations, for example with regard to budgeting, pension provision or estate planning? What is the situation regarding access to banking services from abroad?
Bonnard Lawson Textron Aviation
InfoNetworks Quantum Dynamics LLC Seed Consulting Group SL Solutions LLC dba SurfaceLiner LLC New Members USA https://www.hitechconnect.org/svms-8 Discount code: AmCham-SVMS-DiscountJoin top innovators from Silicon Valley and Europe for an inspiring day of tech insights and networking in Zurich. Enter the code on the Eventfrog-website by clicking on “Enter access key” above the ticket prices. #8 Silicon Valley Meets Switzerland
CSRD in focus Navigating the new reporting standards The EU’s Corporate Sustainability Reporting Directive (CSRD) significantly increases Swiss companies’ non-financial reporting requirements. It is more than just a mandatory exercise and offers an opportunity to transform your company sustainably for the future. We’re here to accompany you each step of the way. Scan the code to find out more Deloitte.com/ch/CSRD
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Looking back at 2025 and ahead to 2026
External 2025 has been a defining year for the Swiss- American Chamber of Commerce. In an environment marked by shifting trade dynamics and rising uncertainties, our Chamber focused on what we do best: advocacy, coordination, and the building of long-term bridges between Switzerland and the United States by bringing together the main players in the Swiss-American business relationship from all sectors of economic life: companies, politics, government, diplomacy, central banks, regulators, and business associations. Beyond trade policy, Swiss AmCham deepened its commitment to strengthening U.S.–Swiss collaboration in skills development , an area that has become increasingly relevant in the broader trade dialogue. This year, we launched a new group of Swiss-based companies operating apprenticeship programs in the United States. During discussions with U.S. stakeholders, workforce development and talent creation emerged as a tangible demonstration of Swiss companies’ local commitment. Swiss-style apprenticeships address critical skills gaps in U.S. manufacturing, life sciences, and advanced technologies while creating well-paying, future- oriented jobs for American workers. Swiss AmCham actively positioned these programs as part of the broader value proposition Switzerland brings to the United States: investment, innovation, and skills. We are convinced that Swiss investments in the U.S. also benefit Switzerland, as for every three to five jobs created in the U.S., one high-paying job is created in Switzerland. In addition, we launched a group with the major U.S. hyperscalers based in Switzerland in order to increase coordination and impact. For innovation, productivity, and cybersecurity, U.S. hyperscalers are indispensable to the Swiss economy. Another topic Swiss AmCham is actively addressing is the growing anti-American sentiment , which increasingly hampers fact-based conversations.
The uncertainty around the implementation of the OECD minimum tax remains a challenge. As we approach year-end, many companies still do not know how to file their tax returns. The so-called “side-by-side” system, promoted by the U.S. and the G7, has still not been agreed upon and will not level the playing field - au contraire. The OECD and EU appear to be caught in their existing logic, although only about 35 of the roughly 140 signatory countries have implemented the OECD minimum tax, the vast majority of them EU member states. The implementing countries, including Switzerland, risk serious competitive disadvantages, which is why countries such as the United States, China, India, and Brazil have pulled out. For Switzerland, 2026 will be a decisive year regarding the implementation of the OECD minimum tax. The Swiss-American Chamber of Commerce is monitoring developments closely and engaging actively with the Federal Department of Finance. On a positive note, the revision of the Swiss–U.S. Tax Treaty has seen progress. The negotiations concluded on a technical level at the end of November 2024. In 2025, the texts were cleaned up, and the remaining issues between the U.S. Treasury and the U.S. Senate are in the process of being resolved, clearing the path for a signature in 2026. January 2028 is the earliest possible date for the revised Swiss–U.S. Income Tax Treaty to enter into force; however, this will require all stars to be aligned. The revision is critical: the U.S. is both the largest recipient of Swiss direct investment and the largest foreign investor in Switzerland. Reducing the withholding tax on intra-group dividend payments from 5% to 0% would significantly increase cross-border investment and remove the disadvantage Switzerland currently faces compared to Dutch or British multinational companies.
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Looking back at 2025 and ahead to 2026 Biden’s AI Diffusion Rule (officially the Framework for Artificial Intelligence Diffusion) was rescinded by the Trump administration in May 2025, just days before it was set to take effect. While the administration announced that a replacement regulation would follow, no final successor rule has yet been published. Instead, new guidance and export control policy documents are currently steering AI-related exports and semiconductor controls while a comprehensive replacement is being developed. Internal
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Our events program expanded significantly . In 2025, Swiss AmCham hosted 30 events in Zurich, Geneva, and Lugano, a 22% increase compared to the previous year, featuring a combination of high-level fireside chats, expert panels, and flagship gatherings. In the United States, our six regional chapters — Boston, Florida, Southern California, New York, San Francisco, and the Southeast — remained highly active. Each chapter continued to expand its local presence, hosting events and strengthening business communities. Our CEO, Rahul Sahgal, traveled to each chapter location and to Washington, D.C., at least once during the year, complemented by regular calls. These touchpoints are essential for integrating U.S. perspectives into our broader work. Swiss AmCham’s visibility reached new levels in 2025. The Chamber was featured in 203 media articles and radio or TV segments across print, digital, and broadcast outlets. This reflects the relevance of our work and the trust placed in our analysis. Our CEO delivered 64 speeches over the past 12 months, addressing institutions, associations, clubs, and international forums.
2025 was also a year of internal transformation. To better serve our members and operate more efficiently, Swiss AmCham completed a major modernization initiative. On 1 January 2026, our new Customer Relationship Management system will go live, enabling streamlined membership management and meaningful cost savings. Our operational footprint also evolved. In December 2024, Swiss AmCham moved into new offices on Tödistrasse in Zurich. In parallel, we opened a permanent presence in Geneva, ensuring proximity to members and authorities in Western Switzerland. The Ticino and Lake Geneva Chapter Boards continued to grow in numbers. A change in leadership marked another im- portant milestone. In June 2025, Andreas Berger, Group CEO of Swiss Re , assumed the role of Chairman of the Swiss-American Chamber of Commerce , bringing experience, strategic clarity, and a strong commitment to the Chamber’s mission. Under his leadership, Swiss AmCham is well positioned to navigate geopolitical uncertainty while remaining a trusted partner for business and government alike. We thank Andreas wholeheartedly for taking on this responsibility.
Rahul Sahgal (CEO Swiss AmCham) & Andreas Berger (Chair Swiss AmCham)
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Looking back at 2025 and ahead to 2026 (continued)
Looking ahead to 2026 2025 proved to be a complicated year. It required coordination and continuous engagement. Companies continue to learn how to navigate the new U.S. administration and its evolving policies. The United States remains Switzerland’s most important single-country export market, its largest foreign direct investor, and a key driver of profitability and growth. Overall business prospects in the U.S. remain favorable. However, new tariffs, growing trade barriers, and protectionist tendencies demand greater efforts and create additional uncertainty. For Switzerland as a business location, challenges in attracting and retaining international companies have further increased. International taxation, the strong Swiss franc, and the broader global economic uncertainty continue to weigh on Switzerland’s attractiveness for some actors. Nevertheless, Switzerland remains one of the most attractive places to do business worldwide. Swiss AmCham continued to stand at the center of Swiss–U.S. economic dialogue , advocating for lower tariffs, clarifying tax frameworks, fostering workforce development, and strengthening the most relevant Swiss–U.S. business network on both sides of the Atlantic.
In 2026, we will continue to: Advocate for a stable, predictable trade environment Support the signing of the revised Swiss–U.S. tax treaty (DTA) Expand apprenticeship initiatives across the U.S. Strengthen chapter activities and member connectivity Leverage our new CRM to further improve services Maintain a strong and steady voice for transatlantic partnership As Switzerland’s relationship with the United States continues to evolve, Swiss AmCham will remain a trusted partner, working every day to ensure that Swiss companies can thrive, innovate, and lead in the world’s largest economy — and that U.S. and other international companies can do the same in Switzerland.
Happy Holidays from the Swiss AmCham Team! We would like to thank our members and partners for making this year so memorable. Your support and engagement continue to strengthen the Swiss-American community. Wishing you a joyful holiday season and a successful start to 2026. Your Swiss AmCham Team
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