According to the German press, the Swiss Federal Council has called a meeting with the President of the National Bank. On the agenda are the interventions on the Swiss National Bank’s currencies that the United States view unfavorably.
The deadline of March 31 passed smoothly. Washington had set this date for Bern to conclude a trade agreement. In the meantime, the decision of the Supreme Court, which annulled all the tariffs imposed since April 2025 by Donald Trump, changed the situation. According to Guy Parmelin, the Minister of Economy, an agreement is not expected to be reached quickly.
However, the Federal Council is taking preemptive action in the face of the unpredictability of Donald Trump. According to the German press, Bern wants to consult with Martin Schlegel, the president of the Swiss National Bank, whose interventions against the strong franc are under scrutiny by the Americans.
Following the Supreme Court decision, the U.S. President retaliated by launching several measures, starting with 10% tariffs imposed worldwide. But he also used “Section 301” which allows for measures, including tariffs, against countries with unfair trade practices. The U.S. government has initiated investigations to demonstrate these practices against several countries, including Switzerland.
Washington reproaches Switzerland for its high trade surplus, a significant point of contention between the two countries for a year. But the U.S. also suspects Switzerland and the SNB of weakening the franc to make its exports cheaper and support its companies, which would be currency manipulation. This accusation has been made repeatedly by the United States, placing the country under surveillance and even accusing it of being a currency manipulator, like China in 2020.
The BNS denies manipulating its currency but its interventions are still being monitored. The BNS defends its currency interventions as a monetary policy tool to maintain price stability. A strong franc makes imports cheaper, which may seem good for consumers, but it carries the risk of continuous price reductions affecting the economy due to reduced consumer spending.
Last year, the BNS intervened relatively little, buying foreign currencies worth 5.5 billion francs, a relatively low amount compared to previous years. For example, in 2015, after lifting the peg between the franc and the euro, it bought the equivalent of 86 billion francs in foreign currencies.
At the beginning of the year, Switzerland found itself under U.S. Treasury surveillance again. The BNS remained unfazed, with Martin Schlegel stating that the threat of being labeled a manipulator would not prevent action on the franc if the economic situation necessitated it.
The article was written by Mathilde Farine.
