Posted 1/2/2024, 11:41:49 AM
Switzerland Eliminates Tariffs on Industrial Goods, Aiming to Cut Costs by Over $1 Billion
- Switzerland has eliminated import tariffs on all industrial products as of January 1, 2024
- Move aims to reduce costs for companies and consumers by over $1 billion annually
- Tariff removal expected to lower purchase/admin costs and boost productivity
- Industrial products range from machinery to clothing, bicycles, shoes, etc.
- Government expects economic growth to offset lost customs revenue over time