United States and Switzerland
The United States and Switzerland connect trade, investment and negotiations on market access. The 2026 tariff changes add a central issue for businesses.
Analysis reviewed: 2026-10-08 · Indicators updated: 2026-10-08History and institutional framework
SECO's information distinguishes US measures under sections 301, 122 and 232 and their application dates.
Cooperation and bilateral issues
A general percentage is not interpreted as an identical tariff on every good.
Bilateral indicators
Blank cells: data unavailable.
| Indicator | Value | Period |
|---|---|---|
| Goods trade | ||
| Goods: United States to Switzerland | ||
| Goods: Switzerland to United States | ||
| Services trade | ||
| Export share: United States to Switzerland | ||
| Export share: Switzerland to United States | ||
| Investment stock: United States in Switzerland | ||
| Investment stock: Switzerland in United States |
Definitions and sources
Trade adds both directions. Shares refer to the country’s total goods exports; investment is an accumulated stock, not an annual flow. Every figure retains the currency and period of its source. BEA positions are historical-cost estimates based on the immediate counterpart, not market values or investment by ultimate owner. ‘More than’ indicates a lower bound, not an exact amount. A recorded stock does not establish new activity or authorisation to operate under sanctions.
Country comparison
Period and source beside each figure · est. = estimate by the stated institution.
| Indicator | United States | Switzerland |
|---|---|---|
| Nominal GDP | 30.77 trillion USD2025 · WB | 1.04 trillion USD2025 · WB |
| GDP per capita | 90,026.52 USD2025 · WB | 114,769.01 USD2025 · WB |
| GDP growth | 2.16 %2025 · WB | 1.3 %2025 · WB |
| Policy interest rate | 3.75–4 %2026-09-16 · Fed | |
| Inflation · annual average | 2.7 %IMF est.Annual average · 2025 · IMF | 0.15 %Annual average · 2025 · WB |
| Inflation · latest year-on-year figure | 3.4 %Year-on-year · Aug. 2026 · BLS | |
| Unemployment | 4.2 %ILO est.2025 · WB | 4.87 %ILO est.2025 · WB |
| Budget balance (% of GDP) | -6.8 %IMF est.2025 · IMF | 0.5 %IMF est.2025 · IMF |
| Gross public debt (% of GDP) | 123.9 %IMF est.2025 · IMF | 39.4 %IMF est.2025 · IMF |
| Current account balance (% of GDP) | -3.63 %2025 · WB | 6.98 %2025 · WB |
| Population | 341,784,8572025 · WB | 9,092,436World Bank est.2025 · WB |
| Area | 9,831,510 km²2023 · BM / FAO | 41,291 km²2023 · WB |
| Military expenditure | ||
| Military expenditure (% of GDP) |
Definitions, dates and sources
Blank cells are not zero. Average annual inflation and the latest year-on-year figure appear in separate rows: they are not the same measure. Every annual indicator retains its reference year; when the years differ, the figures are identified as not directly comparable. When a figure is unavailable from the World Bank, an annual IMF estimate is used and identified as such. The latest year-on-year figure is the latest official release verified as of 7 October 2026. This includes advance releases marked as provisional. Mexico may have a fortnightly figure before the full month is published; it is not automatically compared with a monthly figure. The publication date is retained in each source’s details; it does not replace the observation period or the annual average. Policy rates carry their own dates and represent different instruments. Spain and France share the ECB rate. Balances are positive for surpluses and negative for deficits. The IMF may use fiscal years; unemployment retains each source’s definition (ILO estimates, IMF WEO or PCBS), as stated in the details. For Palestine, debt and the fiscal balance cover central government and retain the PCBS definition; they are not presented as consolidated general government. These are economic magnitudes, not measures of relationship quality.
Area retains each source’s territorial coverage; it does not determine sovereignty or effective control. Canada uses an archived national geographic reference. Military expenditure retains the 2024 SIPRI sample distributed by the World Bank: the amount and percentage of GDP use that same definition, which differs from NATO’s. It is not an approved budget or a 2026 figure. Information from the Stockholm International Peace Research Institute (SIPRI). Military expenditure database · Terms of use0
Indicators reviewed: 2026-10-07. Each source retains its original access date; this review does not turn all the data into 2026 observations. Figures may be revised.
- Nominal GDP
- Current USDUnited States: 2025 · World BankSwitzerland: 2025 · World Bank · Official World Bank series. Observation year, not download date.
- GDP per capita
- Current USD per personUnited States: 2025 · World BankSwitzerland: 2025 · World Bank · Official World Bank series. Observation year, not download date.
- GDP growth
- Annual real change (%)United States: 2025 · World BankSwitzerland: 2025 · World Bank · Official World Bank series. Observation year, not download date.
- Policy interest rate
- Central bank instrument (%)United States: 2026-09-16 · Federal funds target range · Federal Reserve
- Inflation · annual average
- Average annual change in headline CPI (%)United States: 2025 · Average annual change in headline CPI (%) · IMF — World Economic Outlook · IMF est. · WEO estimate; not the year-on-year change for December or August 2026. · Alternative official source; verified 2026-10-07Switzerland: 2025 · Annual average CPI change (%) · World Bank · Official World Bank series. Observation year, not download date.
- Inflation · latest year-on-year figure
- Headline CPI relative to the same period of the previous year (%); monthly or fortnightly frequency statedUnited States: 2026-08 · Headline CPI change relative to the same month of the previous year (%) · U.S. Bureau of Labor Statistics · Published: 2026-09-11 · Headline year-on-year CPI-U, not seasonally adjusted; not monthly or core inflation.
- Unemployment
- % of the labour force; definition used by the stated institutionUnited States: 2025 · World Bank · ILO est.Switzerland: 2025 · ILO modelled estimate; percentage of the labour force · World Bank · ILO est. · Official World Bank series. Observation year, not download date.
- Budget balance
- General government (% of GDP)United States: 2025 · IMF — World Economic Outlook · IMF est.Switzerland: 2025 · IMF · IMF est. · WEO general-government estimate, % of GDP. Not an observed balance for the current month.
- Gross public debt
- General government (% of GDP)United States: 2025 · IMF — World Economic Outlook · IMF est.Switzerland: 2025 · IMF · IMF est. · WEO general-government estimate, % of GDP. Not an observed balance for the current month.
- Current account balance
- % of GDPUnited States: 2025 · World BankSwitzerland: 2025 · World Bank · Official World Bank series. Observation year, not download date.
- Population
- PeopleUnited States: 2025 · World BankSwitzerland: 2025 · World Bank · WB est. · The World Bank indicates a population extrapolation; this is not a 2025 census count.
- Area
- Total area in km²; territorial coverage of the sourceUnited States: 2023 · Total area including inland waters; territorial coverage of the source · World Bank · FAOSwitzerland: 2023 · World Bank · Official World Bank series. Observation year, not download date.
- Military expenditure
- Current USD per year; SIPRI series
- Military expenditure (% of GDP)
- Percentage of GDP; SIPRI definition, not NATO’s definition
Other data specific to this relationship
What they buy and sell
Documented selection, not an exhaustive list. Cells without a figure do not mean zero value; some products are identified without a verified amount.
United States to Switzerland
| Product or sector | Value / share |
|---|---|
Switzerland to United States
| Product or sector | Value / share |
|---|---|
Connections between people
SECO's information distinguishes US measures under sections 301, 122 and 232 and their application dates. [1]
Residents, study and travel
Blank cells: data unavailable. Each measure retains its definition and period.
| Indicator | Value | Period / source |
|---|---|---|
| Residents from United States living in Switzerland | ||
| Residents from Switzerland living in United States | ||
| Study and training: United States in Switzerland | ||
| Study and training: Switzerland in United States | ||
| Academic stays: United States in Switzerland | ||
| Academic stays: Switzerland in United States | ||
| Travel: United States to Switzerland | ||
| Travel: Switzerland to United States |
What each figure measures
Residents are counted by nationality and the coverage of the stated register, not as people born in the other country or as new arrivals in one year. PERE includes dual nationals and people born outside Spain. Study with OPT and stays carrying academic credit are different measures. Travel may include several visits by the same person; FRONTUR arrivals require an overnight stay, whereas the Canadian survey includes day visits. These figures are neither added together nor automatically compared across directions.
Mobility data added or reviewed: 2026-10-07. Reference periods may be earlier.
Underlying ties
History, institutions and long-standing issues.
History and institutional framework
SECO's information distinguishes US measures under sections 301, 122 and 232 and their application dates. The July 2026 change replaces certain earlier measures, but retains exceptions and product-specific rules. [1] [2]
The scale of both economies
US nominal GDP is 30,769.7 billion USD (2025), compared with 1,043.5 for Switzerland (2025). The reference populations are 341.78 and 9.09 million, respectively. In the same year, the US economy was 29.49 times Switzerland's in nominal GDP. The comparison provides context on market size, but does not, on its own, measure influence, well-being or diplomatic closeness. Estimates and their sources retain their labels in the tables. [3] [4] [5] [6]
Recent developments
Recent developments and latest available data · Review: 2026-10-08
Cooperation and bilateral issues
A general percentage is not interpreted as an identical tariff on every good. The negotiated framework also includes Liechtenstein; its provisions and data are not presented as exclusively Swiss. Each transaction's conditions require the current legislation and customs classification. [1] [2]
Sources and data
Periods and scope of the figures
Institutional sources and periods accompany each figure. Annual trade, investment positions, residents and visits are distinct measures. Empty cells do not mean zero. Statements of intent are not presented as project implementation or treaties in force.
- Bilateral relations — CHE-USA
www.seco.admin.ch · Institutional source · Accessed: 2026-10-08
- Bilateral relations — CHE-USA
www.seco.admin.ch · Institutional source · Accessed: 2026-10-08
- Official statistics
World Bank · Institutional source · Accessed: 2026-09-17
- NY.GDP.MKTP.CD; ISO and reference year; no military dataset expansion
World Bank · Institutional source · Accessed: 2026-10-07
- Official statistics
World Bank · Institutional source · Accessed: 2026-10-06
- SP.POP.TOTL; ISO and reference year; no military dataset expansion
World Bank · Institutional source · Accessed: 2026-10-07