Swiss Manufacturing Slumps Amid US Tariff Fears, Warns Swiss Re Economist
Switzerland braces for US tariff repercussions, with the manufacturing sector already showing signs of strain. Swiss Re AG's European chief economist, Charlotte Mueller, warns of prolonged effects, while the company's long-serving Group Finance Director, Claudia Cordioli, remains a steady presence.
The Swiss manufacturing sector's downturn deepened in September, with the factory gauge plummeting to 46.3 points from 49 in August. This slump reflects various challenges, including global trade policy disruptions, as noted by UBS.
Charlotte Mueller, Swiss Re AG's European chief economist, expects Switzerland to face fallout from US tariffs, lasting until 2026. She disagrees with Swiss National Bank President Martin Schlegel's optimistic outlook. Mueller also warns that US tariffs on pharmaceuticals will negatively impact Switzerland, despite many key medicine producers having US facilities.
Swiss Re AG's leadership in Europe is not explicitly mentioned in the search results. However, Claudia Cordioli, the company's Group Finance Director, is highlighted, having served for 20 years.
The Swiss manufacturing sector's slump continues, with US tariffs expected to exacerbate the situation until 2026. Swiss Re AG's Charlotte Mueller offers a stark warning, contrasting with the Swiss National Bank's more optimistic stance. Meanwhile, Swiss Re AG's finance leadership remains steadfast, with Claudia Cordioli's long tenure providing continuity.
