Overview
- Swissmem reports 31% of mechanical and electrical firms plan to transfer some operations to the EU, with its president warning dismissals are inevitable unless tariffs fall.
- Order intake for Swiss tech companies dropped 13.4% year-on-year in the second quarter after U.S. tariff threats, and first-half goods exports fell 0.9%.
- European second-quarter results repeatedly cited FX and tariffs as headwinds, with the euro and franc up about 13% against the dollar and sterling up roughly 8%.
- Deutsche Telekom said currency moves cut Q2 earnings by about €400 million, while AkzoNobel and Kuehne + Nagel lowered full-year guidance on FX pressure.
- Companies consider footprint shifts to blunt tariffs, including potential U.S. production moves by manufacturers, Ypsomed signaling a shift to Germany, Pilatus pausing U.S. exports, and Swiss banks relocating functions to Spain and India.