Minutes from the Swiss National Bank's monetary policy meeting ending on September 25th revealed that the country's economy faces increased uncertainty due to recent US tariffs, which have particularly impacted the mechanical engineering, electrical and metal industries, and watchmaking sectors.
According to the minutes published on the bank's official website on Thursday, the bank expects GDP growth of between 1% and 1.5% in 2025, with the economy growing slightly less than 1% next year due to higher US tariffs and uncertainty.
Bank officials discussed steps companies affected by the tariffs are considering, including negotiating with US customers to share the burden of the tariffs, or considering expanding production facilities within the United States to serve the US market and avoid these tariffs.
The Swiss National Bank kept its interest rate at 0% during its monetary policy meeting held on September 23rd and 24th, stressing that current monetary policy supports price stability and economic growth.
