Rolex CEO meets Trump to discuss tariffs
A potential watershed moment in the ongoing pushback to U.S. tariffs on Swiss imports took place in the White House this week.
On November 5, President Trump hosted senior executives from various Swiss companies, including Rolex CEO Jean-Frédéric Dufour and Richemont chairman Johann Rupert.
The goal of the meeting from the Swiss consortium’s perspective was to influence the U.S. administration regarding the 39% tariff on Swiss imports that it announced earlier in the year, and which kicked in during the summer.
The tariff has proven to be problematic in the extreme for big Swiss watch brands, and for their retail partners on the ground in the States, as they’ve either had to raise their prices or significantly eat into their profits, or both.
The Swiss business leaders, which also included representatives from commodities trader Mercuria, private equity firm Partners Group, shipping company MSC, and gold refiner MKS PAMP, stressed that they weren’t directly negotiating with the President, but instead were reiterating their support for the ongoing trade discussions between the USA and Switzerland.
With follow-up meetings being scheduled, the watch industry will hold its collective breath, as the hope of a significant improvement in trade terms has become more likely.
