Swiss watchmaker stocks rally as Trump dangles relief from steep 39% US tariff [Yahoo! Finance]
SWATCH GROUP AG UNSP/ADR (SWGAY)
NASDAQ:AMEX Investor Relations:
swatchgroup.com/investor_relations/financial_announcements/latest_financial_announcements
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Source: Yahoo! Finance
for Swiss watchmakers surged on Tuesday after President Donald Trump signalled a deal could be on the horizon. Swatch, which has the highest US exposure because so much of its output is entirely Swiss-made, jumped by about 4.2%, while Richemont — makers of the Piaget watches Trump has often sported — gained roughly 2% on hopes the tariff reset will ease price pressure on US retailers and boost orders ahead of the holidays. After brands front-loaded shipments in July ahead of the August tariff package from Washington, Swiss exports to the US collapsed by around 56% in September year-on-year. The Federation of the Swiss Watch Industry has said that watch exports fell 3.1% year-on-year to CHF 2.0 billion (€2.15bn) in September. The outlook became more optimistic after Trump made a statement to the White House pool late Monday, indicating that a deal was on the horizon. "We're working on a deal to get their tariffs a little bit lower, we are going to be working on something to h
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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
- 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
- USTR Greer Talks Trade With Swiss as Swatch CEO Blasts Approach [Yahoo! Finance Canada]Yahoo! Finance Canada