Companies from Switzerland have poured $27 billion into American investments during the opening months of this year, according to a report from NZZ am Sonntag newspaper. The massive investment surge comes as Switzerland works to meet commitments made following a trade deal with the United States.
The investment total was revealed in a private communication from the Swiss-American Chamber of Commerce to its membership, which the publication obtained.
Last November, Switzerland and the United States announced that Swiss businesses would commit $200 billion in American investments over five years. This commitment was part of a deal where the U.S. reduced penalty tariffs on Swiss products from 39% down to 15%, after the higher rates were implemented in early August.
Major pharmaceutical companies are leading the investment wave. Novartis has revealed plans for two American projects, featuring a biomedical research facility in San Diego and a cancer treatment manufacturing plant in Texas. Meanwhile, Roche is boosting production capabilities in North Carolina, and medical technology firm Ypsomed is constructing a manufacturing facility in that state.
The shipping conglomerate MSC has established its new North American headquarters in Miami, with the investment also covering cruise operations and logistics infrastructure spending.
Manufacturing companies are also participating in the expansion, with machine tool producer Pfiffner Group and electronics manufacturer Elma both increasing their American production capabilities.
“We are model students and we fulfil our promises,” said Swiss Amcham Chief Executive Rahul Sahgal.
This week, Washington revealed additional tariffs targeting nations it believes are not adequately addressing forced labor issues. Under these new measures, Swiss goods will face a 12.5% tariff rate, while European Union products will be subject to a 10% rate, the newspaper reported.
