UBS sees China’s industrial rise as bigger long-term threat to Swiss exporters than US tariffs

• UBS flagged China’s industrial and technology rise as a bigger long-term threat to Swiss exporters than higher US tariffs.
• US tariffs raised since 2025 hit margins in parts of Swiss manufacturing, though the overall macro impact should stay limited.
• Switzerland’s export mix remains relatively defensive, with less direct overlap with China than many European peers.
• Market access is becoming more decisive as fragmentation pushes manufacturers to locate production closer to end-demand to reduce tariff risk.
• UBS expects Swiss growth to move back toward a 1.5%-1.75% trend; SNB seen holding at 0%, with a possible first hike in June 2027.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. UBS Group AG published the original content used to generate this news brief on September 10, 2026, and is solely responsible for the information contained therein.