On the morning of November 6, Donald Trump was confirmed as the next President of the United States, reclaiming the presidency and defeating Democratic Vice President Kamala Harris. Here’s what Trump’s political comeback means for Switzerland.

Donald Trump completes his political comeback

After polls closed on November 5, it gradually became clear that Donald Trump would make what many have labelled as the greatest political comeback in American history. The twice-impeached president, who has faced two assassination attempts, is enduring four ongoing criminal cases and faces charges for thirty-four felony convictions, won the popular vote ahead of Harris and carried more than 29 different states.

President Trump becomes the second person to return to the presidency, having been defeated as the incumbent in a previous vote - the other being Grover Cleveland in 1884. He will assume the office along Vice President JD Vance on January 20, 2025.

New Trump presidency causes elation and dismay among Swiss politicians

Viola Amherd, the President of Switzerland, congratulated both Trump and Vance on their election victory. “Switzerland is a long-standing and trusted partner of the United States. Our economic and scientific relations are excellent. We look forward to continuing to work together on the basis of our shared values and interests,” she wrote on X.

The Swiss People’s Party - whose Federal Councillor Albert Rösti recently apologised after saying he preferred a Trump presidency in the lead-up to the vote - celebrated, arguing that he would bring prosperity to both America and Europe. By contrast, Social Democratic Party co-president Matea Meyer posted that the election showed "that as a man you can sexually harass women, you can even be convicted for it, and yet you become the most powerful man in the world."

What will the economic impact of Trump be on Switzerland?

Generally speaking, Switzerland’s relationship with the US has been positive and mutually beneficial. For entrepreneurs, the US is Switzerland's biggest export market, with exports valued at 56,7 billion francs in 2023. “The United States has continued to gain in importance for Switzerland in recent years," the State Secretariat for Economic Affairs (SECO) wrote when announcing the figures.

Therefore, the prospect of a Trump presidency has some Swiss firms holding their breath. The president-elect has called for a 20 percent tariff on international imports, and his ire is often targeted at countries that export more goods to the US than they import, like Switzerland.

With the majority of Swiss goods being technical and of high value, the tariffs could force firms to relocate to the US or search for other markets. If the EU responds with its own high tariffs, the losses incurred would be even more severe. On the flip side, Republican’s promises of cuts to regulations could be good news for Swiss companies that produce goods in the US.

However, as with many cases involving Trump, whether he will actually follow through on his plans remains to be seen. 

Are Republican governments more friendly for Switzerland?

On a political level, the Federal Council wrote in 2020 that “Switzerland can get along” with anyone who occupies the White House, adding that all they want is a good deal for the country. The Swiss government has often assisted the US, especially when it comes to negotiations between warring countries and peace conferences.

Speaking to the Local, Matthias Geissbühler, Head of Investments at Raiffeisen Bank, argued that Switzerland “has better relations with Republican than Democratic governments.” He noted that considering the country’s reputation for handling American wealth, Democrat administrations are more keen to “meddle” in Switzerland’s affairs.

For example, Democratic President Bill Clinton was instrumental in partly dismantling Swiss banking secrecy. However, Geissbühler said that this doesn’t mean Trump will be “harmless” for Switzerland.

Thumb image credit: Jonah Elkowitz / Shutterstock.com