Name: 台灣20％關稅只是小case！川普對瑞士徵收高達 39% 的關稅 (Switzerland reels from 39% Trump tariff)
Uploaded: 2025-08-01T21:01:30.000Z
Duration: 6 min 16 s

Today it is, I think, investor attention turning back to the macro with the surprising news that Switzerland in particular, I mean, there's a lot of news flow around a lot of countries here, but the standout here is Switzerland.

今天，我認為投資者的注意力又回到了宏觀方面，尤其是瑞士的消息令人吃驚。

情態副詞

The fact that this country was initially seen as one of the countries that would see favorable treatment from the United States.

事實上，這個國家最初被視為會受到美國優待的國家之一。

情態助動詞 B1

They might be one of the first to ink a trade deal, and here they are sitting with a 39% tariff.

他們可能是最先簽署貿易協議的國家之一，而現在卻被徵收 39% 的關稅。

U.S. President Donald Trump has updated tariff rates for a swath of countries, ramping up trade barriers with some of America's closest trading allies.

美國總統川普更新了一系列國家的關稅稅率，加強了與美國一些最親密貿易盟友的貿易壁壘。

Switzerland, as I mentioned, Switzerland's rate is now 39% while Taiwan faces a 20% duty.

瑞士，正如我提到的，瑞士現在的稅率是 39%，而臺灣的稅率是 20%。

Trump had previously announced India would be hit with a 25% rate.

川普此前曾宣佈印度將被徵收 25% 的稅率。

All of the newly unveiled tariff rates come into effect from August 7th.

所有新公佈的關稅稅率自 8 月 7 日起生效。

Now Mexico has been granted a 90 day extension as negotiators continue trade talks.

現在，隨著談判人員繼續進行貿易談判，墨西哥已獲准延期 90 天。

Let's take a look at some of the markets and how we're how we're reacting to the news.

讓我們來看看一些市場以及我們對這一消息的反應。

You've got dollar trading higher versus the Swiss franc.

So we are seeing a bit of a sell off in the Swissy this morning.

今天上午瑞士法郎出現了一些拋售。

Dollar up about 18 bips versus the Swiss franc.

美元對瑞士法郎上漲約 18 個基點。

You are also seeing, a little bit, well, actually, not a huge amount in dollar versus the Canadian dollar or dollar versus the Mexican peso.

你也看到，實際上，美元兌加幣或美元兌墨西哥比索的匯率變動並不大。

Let's dive into the Swiss story because I think from an equity market perspective, this is gonna be the most significant news.

讓我們深入瞭解瑞士的故事，因為我認為從股票市場的角度來看，這將是最重要的新聞。

The Swiss government says it remains in contact with U.S. Officials and will analyze the situation and decide on how to proceed.

瑞士政府表示，它仍與美國官方保持聯繫，並將分析局勢並決定如何採取後續行動。

Let's get out to Carolyn, who joins us now with more on this surprising news.

讓我們連線卡羅琳，她將為我們帶來更多關於這一驚人消息的報導。

Carolyn, I don't think investors were bracing for a 39% tariff rate.

卡羅琳，我不認為投資者會擔心 39% 的關稅稅率。

If anything, when April 2nd came round, many were thinking Switzerland could be spared, certainly would end up better off than many of its peers.

如果說，在 4 月 2 日到來之際，許多人都認為瑞士可以倖免於難，而且肯定會比許多其他國家過得更好。

No, you're absolutely right here, Juliana.

This is a massive shock for Switzerland, and this couldn't come at a worse time because today is Switzerland's national day.

今天是瑞士的國慶日，這對瑞士來說是一個巨大的打擊。

Today should be a day of jubilation of celebration of backyard barbecues and fireworks.

今天應該是一個歡慶的日子，慶祝後院燒烤和焰火。

但今天確實是一個悲傷的日子。

If these tears do go through it, 39% if you cast your eyes back to April 1st, April 2nd, when we got the 31% rate, that was a big shock.

如果這些淚水真的流過，39%的比率如果你把目光投向 4 月 1 日、4 月 2 日，當時我們的關稅是 31%，那是一個很大的衝擊。

I had the trade negotiator on a panel that day.

那天，我讓貿易談判代表參加了一個小組討論。

She was utterly shocked and surprised because the two countries had a really good trade relationship.

她感到非常震驚和意外，因為兩國的貿易關係確實很好。

Yes, there, of course, there is a trade deficit, and that is a sizable one.

是的，當然有貿易赤字，而且是相當大的赤字。

But of course, this is a small, open economy. 60% of the exports they do go to the U.S.

但當然，這是一個小型開放的經濟體。其出口的 60% 銷往美國。

And 60% sorry, a large part goes to the U.S. 60% of that is pharma.

其中 60% 很大一部分流向了美國，其中 60% 是製藥業。

And naturally on I thought seems to be the sticking point this morning because just this week, Donald Trump had sent a letter to 17 pharma companies, including the big ones.

然後自然而然地繼續下去。我認為這似乎是今天上午的癥結所在，因為就在本週，川普向包括大型製藥公司在內的 17 家制藥公司發出了一封信。

Of course, Roche and Novartis and gave them an ultimatum saying that you need to lower your drug prices by September 29th.

當然，給羅氏和諾華，並給他們下了最後通牒，說你們必須在 9 月 29 日之前降低藥品價格。

And there's a thinking their speculation in the Swiss media this morning that this exact letter may be the reason why there hasn't been a trade deal and why Switzerland may now be a subject to these higher tariffs were 39%.

今天上午，瑞士媒體猜測，這封信可能是導致貿易協議未能達成的原因，也是瑞士現在可能被徵收39%的高額關稅的原因。

So in that letter, Donald Trump said you need to lower your drug prices by September 29.

因此，川普在那封信中表示，你需要在 9 月 29 日之前降低藥品價格。

In his election campaign, he had promised to lower drug prices for Americans by between 50 to 80%.

在競選活動中，他曾承諾將美國人的藥價降低 50%至 80%。

Now, U.S. consumers facing some of the biggest drug prices in the world.

現在美國消費者面臨著世界上最昂貴的藥品價格。

Donald Trump has promised to lower them, but that would make a business for some of these Swiss pharma companies extremely or a lot less lucrative in the United States.

川普已承諾降低關稅，但這將使一些瑞士製藥公司在美國的業務利潤極低或大打折扣。

Remember, you and I, we spoke to the CEO of Roche last week.

請記住，你和我上週都和羅氏公司的 CEO 談過話。

Are you gonna lower those drug prices? What does it mean in terms of your ability to innovate and your ability to generate profits?

你會降低藥價嗎？這對你的創新能力和創造利潤的能力意味著什麼？

But he said that, of course, we're gonna do everything to make it work in the U.S.

但他表示，當然，我們會盡一切努力讓它在美國發揮作用。

They have a huge manufacturing footprint in the U.S.

他們在美國擁有龐大的生產基地。

And they actually have been on this term offensive spending another or investing another $50 billion in the U.S.

實際上，他們在這一階段的攻勢中又在美國花費或投資了 500 億美元。

So there is hope from the pharma industry that the worst could be averted.

製藥業希望可以避免最壞的情況發生。

It doesn't quite look like that this morning.

I want to get to the economic consequences for Switzerland because it was just recently the IMF had slightly upgraded their forecast for Switzerland 1.3%.

我想談談這對瑞士的經濟影響，因為就在最近，國際貨幣基金組織將對瑞士經濟成長的預測略微上調了 1.3%。

But with significant risk that if there were to be more tariffs forthcoming, we could see a decline.

但是，如果有更多的關稅出臺，我們可能會看到下跌的風險。

In fact, shaving about 0.2 to 0.3% off the growth rate for this year.

事實上，今年的增長率將下降 0.2% 至 0.3%。

So somewhat significant as 10% in terms of the tariff rate was the expectation, not the 39% that's landed today.

就關稅稅率而言，當時的預期是 10%，而不是現在的 39%，所以有些意義重大。

What does it mean for the central bank in terms of some of the ammunition we could see the Swiss Central Bank rely on?

就瑞士中央銀行可能依賴的一些彈藥而言，這對中央銀行意味著什麼？

Obviously, Switzerland has dodged a recession hasn't even been close to a recession.

顯然，瑞士躲過了經濟衰退，甚至沒有接近經濟衰退。

Yes, there has been weakness specifically in the export oriented sectors like manufacturing.

是的，特別是在製造業等出口導向型部門，一直存在薄弱環節。

Of course, we all know that the luxury sector hasn't been doing so well.

當然，我們都知道奢侈品行業的發展並不順利。

There has been plenty of speculation because of the strength of the Swissy, which has risen another 10% against the US dollars since the start of the year that they may have to go into negative territory,

自今年年初以來，瑞士法郎對美元的匯率又上漲了 10%，由於瑞士法郎的強勢，很多人猜測他們可能不得不進入負區間，

and that may be forthcoming at its next meeting in September.

而這可能會在 9 月份的下一次會議上出現。

There are very, very serious consequences for savers for the banking industry here, so that's not an avenue that the S&B necessarily does want to wants to walk once walk down.

這對儲戶和銀行業來說將帶來非常非常嚴重的後果，因此這不是標準普爾500指數銀行一旦走下去就一定想走的路。

However, if it needs to prop up the economy as a result of this tariff shock, well, then that is one of the least terrible options.

不過，如果它需要因關稅衝擊而支撐經濟，那麼，這也是最不可怕的選擇之一。

I will say we all know this that this tariff deadline of August 7th is not unlikely to be the final one.

我想說的是，我們都知道，8 月 7 日這一關稅最後期限並非不可能成為最後期限。

Obviously, there's not gonna be a whole lot of negotiations today because the federal council members will be out and about in the country.

顯然，今天不會有太多的談判，因為聯邦委員會的成員都會在全國各地。

But again, there is somber day for Switzerland.

但是，對瑞士來說，今天又是一個陰沉的日子。