Swiss Watch Exports Slump in September, Hurt by US Tariffs [Yahoo! Finance]
SWATCH GROUP AG UNSP/ADR (SWGAY)
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Source: Yahoo! Finance
(Bloomberg) -- Swiss watch exports fell in September, hurt by the Trump administration's 39% tariff on imports from Switzerland to the US, the industry's largest market. Watch exports fell 3.1% from a year earlier to 2 billion Swiss francs ($2.5 billion), the Federation of the Swiss Watch Industry said in a statement Tuesday. Increases in most markets last month were eclipsed by a 55% plunge in exports to the US. Most Read from Bloomberg MTA to Sell $230 Million of Debt Amid Tolling Plan Legal Fight What Comes After the ‘War on Cars'? Bank OZK Sells Parcel in Failed $6 Billion Chicago Project That marks the second straight monthly drop in watch exports, after shipments surged in July as producers rushed to build up inventory ahead of the anticipated US tariff. Richemont and Swatch Group AG, as well as independent watchmakers including Audemars Piguet, Patek Philippe and Rolex SA, have been affected by the US levy, the highest in the developed world. Swatch shares fell
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News
- US investor Wood lambastes Swatch, proposes overhaul to company's board, FT reports [CNBC]CNBC
- Could Easing US Tariffs Reveal a Competitive Advantage for Swatch Group (SWX:UHR)? [Yahoo! Finance]Yahoo! Finance
- Swiss watchmaker stocks rally as Trump dangles relief from steep 39% US tariff [Yahoo! Finance]Yahoo! Finance
- U.S. and Switzerland working on a deal to slash 39% tariffs [CNBC]CNBC
- USTR Greer Talks Trade With Swiss as Swatch CEO Blasts Approach [Yahoo! Finance]Yahoo! Finance