Swiss Market Index Takes a Hit

In a dramatic turn of events, Switzerland's prestigious Swiss Market Index (SMI) experienced a sharp decline of 5% this Friday. The downturn comes as global markets react to the latest tariff impositions by US President Donald Trump, which have sent shockwaves through international trade relations.

Impact of US Tariffs on Switzerland

Specifically, Switzerland faces a daunting 31% duty on its exports to the US, a move that has significantly impacted investor confidence and market stability. By 1:55 pm CET, the SMI had slightly recovered but was still down by 4.71%, following an earlier plunge to the 5% mark.

Swiss Franc Gains Strength

Amid the market turmoil, the Swiss franc showed resilience, appreciating by 0.98% against the dollar to reach $1.17534 by 2:14 pm CET. Similarly, it strengthened by 0.99% against the euro, trading at €1.06374, signaling a flight to safety among investors.