Though Tariffs Are Down, Swiss Watch Exports Still Fall

By Rob Bates | February 19, 2026

Despite the dramatic reduction in U.S. tariffs on Swiss imports, Switzerland’s watch exports to the United States fell 14% year-over-year in January, dashing hopes for a quick recovery, according to the latest results from the Federation of the Swiss Watch Industry (FH).

Tariffs on Swiss products were lowered from 39% to 15% in December, and that month, Swiss watch exports to the U.S. climbed a healthy 19.1%. However, January’s numbers suggest the rebound was “short-lived,” as Bloomberg put it.

Luca Solca, managing director and sector head of luxury goods for research and brokerage firm Bernstein, tells JCK the tariffs are still having an effect. He notes that when the 39% levy was announced in August, there was a rush of exports into the U.S.

“Watches take little space, so you can ship a lot of them very fast,” he says. “With tariffs now at 15%, there is no strong incentive to continue to push [them to the United States]. Plus, there is a need to send stock from Switzerland to other locations that had been starved to send everything to the U.S.”

Even so, the decrease in exports for January is considerably smaller than the declines posted during the tariffs’ heyday: 56% in September, and 46.8% in October.

FH said that overall Swiss watch exports dropped 3.6% in January, though Hong Kong and China showed signs of recovery, with exports to those countries rising 2.6% and 5%, respectively.

(Photo: Getty Images)