As of 8 October 2026, Swiss goods entering the United States face a variable additional tariff of up to 12.5% under a Section 301 measure that took effect on 24 July. Existing most-favoured-nation (MFN) duty counts toward that amount, and exemptions and separate sectoral rules can change what applies. That is not a uniform 12.5% charge on every Swiss watch—and export figures do not show how much a particular watch’s US retail price will rise.
What are the current US tariffs on Swiss watches?
The Swiss State Secretariat for Economic Affairs (SECO) says the current general additional tariff on Swiss imports is a variable Section 301 duty of up to 12.5%, effective 24 July 2026. The additional duty is offset by the product’s existing MFN duty. SECO’s example: if a product has a 5% MFN duty, the additional tariff is 7.5%; if its MFN duty is at least 12.5%, only the MFN duty applies. Exemptions cover numerous categories, and their application depends on the product rules.
Separate Section 232 sectoral measures remain in force for covered goods. SECO says Section 301 and Section 232 additional tariffs do not stack on top of one another. The exemptions and sectoral rules mean the general headline rate alone cannot establish the duty on a specific watch.
How did the tariff framework change?
The phrase “new tariffs” can refer to several different episodes. The current measure is not the same as the temporary Section 122 duty or the tariff changes that shaped the 2025 comparison in Swiss export statistics.
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| Period | What changed |
|---|---|
| 2025 | Tariff announcements and changes disrupted trade. The Federation of the Swiss Watch Industry (FH) says the unusually high US export comparison for the first half of 2026 was especially affected by an April 2025 increase in exports following tariff announcements. |
| February 2026 to 24 July 2026 | SECO says a 10% additional duty under Section 122 applied on top of MFN duty. Its legal basis expired on 24 July. |
| From 24 July 2026 | A Section 301 measure replaced the Section 122 duty. For Swiss goods, SECO describes a variable additional duty of up to 12.5%, offset by MFN duty, subject to exemptions and other applicable rules. |
SECO’s account says the new measure followed a US investigation into trade in goods produced using forced labour. It also says findings from a separate USTR overcapacity investigation had not yet been published, and Swiss–US negotiations were continuing. The Supreme Court ruling discussed by SECO concerned IEEPA “reciprocal” tariffs; it did not remove MFN or Section 232 duties. At the time of SECO’s account, the Section 301 tariffs had not been reviewed by a court.
Are Swiss watch exports to the US falling?
The answer depends on the comparison period. FH’s customs-based export figures show a year-over-year decline in the first eight months of 2026, but the first-half comparison looks different when measured against 2024 rather than the unusually strong 2025 base.
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| Period and measure | FH figure | What the comparison shows |
|---|---|---|
| First half of 2026, all markets | CHF 12.8 billion in Swiss watch exports, down 0.7% year over year. | A slight decline across all destinations compared with the first half of 2025. |
| First half of 2026, United States | Exports down 14.8% year over year, but up 2.6% compared with the first half of 2024. | The year-over-year fall is measured against a high 2025 comparison, particularly the result in April. |
| August 2026, all markets | CHF 1,789.2 million, up 9.1% year over year. | Monthly exports increased compared with August 2025. |
| August 2026, United States | CHF 197.5 million, down 19.4% year over year. | US-bound exports fell even as total August exports rose. |
| January–August 2026, United States | CHF 3,078.1 million, down 8.3% year over year. | The cumulative US-bound total remained below the same period in 2025. |
| January–August 2026, all markets | CHF 17,240.7 million, up 1.7% year over year. | Total exports rose while exports to the US declined. |
FH had scheduled publication of September 2026 statistics for 20 October, so those results were not available as of 8 October.
What the export figures can—and cannot—show
FH’s statistics come from Swiss customs foreign-trade data and are expressed at export prices. They cover Swiss watchmaking firms as a whole, may be revised, and do not reveal how an individual brand or corporate group performed. They are not US retail sales: importer and retailer margins, taxes, currency conversion, and pricing decisions are outside the figures.
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The fall in US-bound exports is not, by itself, proof that tariffs caused the decline. FH points to the unusually high 2025 comparison base and also discusses currency movements, regional instability, gold prices, and cautious retailer restocking as factors affecting conditions. The figures do not isolate the effect of any one factor.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Will Swiss watches cost more in the US?
The tariff framework can raise the import cost for a covered watch, but the available figures do not establish a uniform change in US retail prices or how much of any duty a brand, importer, or retailer will pass on to a buyer. An exact rate requires the watch’s US customs classification, origin details, any applicable exemption, and the importer’s circumstances.
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SECO states that binding information on US import regulations and tariffs is the responsibility of the relevant US authorities. For a model-specific shipment rate, consult current US Customs and Border Protection guidance or a qualified customs professional; do not treat the general “up to 12.5%” figure as the duty on every Swiss watch.
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