American tariffs: the bill that SMEs must anticipate

Switzerland approaches Friday with a very concrete question for its exporters: how much will it cost to enter their goods into the American market? According to 20 Minutes, the suspension of an emergency 10% tax on almost all imports to the United States expires on Thursday night. Washington could then impose new tariffs on several countries, including Switzerland.

For a Swiss SME, it is not just a matter of trade policy. It is a price line to recalculate, a margin to defend, sometimes a contractual clause to urgently reread. Tariffs are an indirect tax: they are levied at the entry of a customs territory, but their economic cost often ends up being shared between the supplier, importer, and final customer. In a tense trade relationship, those who have not anticipated it may find themselves financing the difference.

The American deadline that confuses quotes

The figures cited by 20 Minutes give a sense of the uncertainty. Swiss goods are currently subject to an average tariff of 2.3% in the United States, in addition to the 10% emergency tax. Some products, notably steel and aluminium, may also be subject to specific duties. The US Trade Representative, Jamieson Greer, mentioned new duties ranging from 10 to 12.5%. The European Union would expect a rate of 10%, while Rahul Sahgal, from the Swiss–US Chamber of Commerce, expects 12.5% for Switzerland.

In this scenario, still according to 20 Minutes, tariffs on Swiss exports to the United States could rise from 12.3% to 14.8% as of Friday. The difference may seem limited on the scale of a multinational group capable of absorbing a temporary shock. It is much less so for an SME that sells machines, components, specialised instruments, or niche products with quotes already signed.

The difficulty also lies in the timing. A quickly decided increase does not always leave time to adjust catalogue prices, ongoing offers, or commercial budgets. Companies that invoice in several stages must check whether the agreed price covers future import taxes or only those known at the time of the offer. It is precisely in these grey areas that the fiduciary can provide a useful reading: reconstruct the real margin per client, isolate customs costs, and test the effect of a higher rate on the result.

On the Swiss side, industrial imports are already eased

The American debate comes as Switzerland has, for its part, simplified its own customs regime for industrial products. The Federal Office of Customs and Border Security reminds that Swiss tariffs are indirect taxes levied on goods entering the Swiss customs territory and that they are generally calculated based on gross weight, unlike other countries that often base them on the value of goods. Since 1 January 2024, Switzerland has abolished tariffs on industrial products.

For importing SMEs, this abolition has eased the purchase of intermediate goods and industrial components. The Confederation's SME portal sees it as a facilitation of imports, with lower costs and a simpler procedure. However, this does not mean that customs have disappeared from administrative management: declarations, tariff classification, origin of goods, and import VAT remain subjects to be properly documented.

The nuance is important. A Swiss company can more easily import certain industrial inputs and, at the same time, face a customs barrier when exporting to the United States. The value chain then becomes asymmetric: the Swiss easing improves purchase costs, but the American surtax can erode the sales margin. For an SME that transforms imported components before re-exporting a finished product, the analysis must therefore cover the entire cycle, not just the freight forwarder's invoice.

Agricultural products remain a separate case. The federal dossier indicates that tariffs remain for these goods, notably certain foodstuffs, alcoholic beverages, and manufactured tobaccos. Companies active in food, specialised distribution, or agricultural product import-export cannot automatically apply the rules applicable to industrial products.

Who really pays the tax: customer, importer, or SME?

The first reflex is to reread the delivery conditions. Depending on the contractual organisation, the administrative and economic burden of the tariff may fall on the American buyer, on an importer linked to the group, on a distributor, or on the Swiss company itself. Incoterms, general conditions, distribution contracts, and commercial offers must be consistent with each other. An imprecise mention can be enough to create a dispute at the time of customs clearance.

From an accounting perspective, the American tariff is not a Swiss VAT. It is a cost related to access to the foreign market. Depending on how the operation is structured, it can influence the cost price, the cost of sales, the gross margin, or internal recharges. An SME that regularly delivers to the United States would benefit from tracking these amounts separately in its management accounting, rather than letting them drown in a general account of transport or sales expenses.

This separation helps management decide. Should the increase be passed on to the customer, absorbed temporarily, renegotiated at the next order, or should certain offers be suspended? The answer depends on market power, product type, and competition. Stefan Legge, from the University of St. Gallen, cited by 20 Minutes, believes that a gap between 12.5% for Switzerland and 10% for other countries would be less favourable, but not necessarily decisive: companies offering quality products could pass some of it on to their customers.

For a fiduciary, the subject goes beyond customs technique. It touches on management. A simple simulation by product family can show from which rate the margin becomes insufficient. It is also necessary to check advances, payment terms, and credit lines, as a customs surcharge paid on import can weigh on cash flow even before the final customer has settled their invoice.

Separating the service from the product, yes, but with a solid dossier

A suggestion mentioned in the 20 Minutes article concerns the separate invoicing of certain services. Stefan Legge cites the example of a company that would sell a machine at a lower price and separately offer a maintenance contract. The idea is understandable: when the tax applies to the imported goods, the part actually related to a service can, in certain situations, be treated separately.

But this approach must be handled with caution. It is not about artificially shifting value from a product to a service to reduce a customs invoice. The services must correspond to an economic reality, be described in contracts, invoiced consistently, and documented. Maintenance, installation, training, or technical support are not all managed in the same way depending on the country, client, and billing flow.

Swiss industrial SMEs are often concerned, as they do not only sell an object: they also sell expertise, commissioning, spare parts, and technical support. It is a commercial asset, but also a sensitive point in customs and indirect taxation. Before modifying billing models, it is prudent to coordinate the commercial manager, accounting, the freight forwarder, the American customs broker, and, if necessary, a tax specialist.

Budgets and cash flow: preparing several scenarios

The political negotiation remains open. 20 Minutes recalls that Switzerland continues its discussions with the United States despite a declaration of intent concluded in November, which provides for a 15% cap on tariffs. The same article notes that Switzerland highlights a reduction in its trade surplus and investments by Swiss companies in the United States, which would have reached 27 billion francs between January and April. These elements can weigh in the discussion, but they do not replace a formal decision from Washington.

In the meantime, SMEs exposed to the American market can prepare scenarios rather than betting on a single outcome. A useful dashboard combines open orders, quotes not yet accepted, products shipped but not yet cleared, delivery conditions, and margin per contract. The goal is not to predict the American decision, but to know which operations become fragile if the rate increases.

Companies should also avoid treating this risk solely at the commercial management level. Accounting must know how to account for surcharges, purchasing managers must check the effect on stocks, and HR may be concerned if a margin drop forces a review of production capacities. In an SME, a foreign customs tax can quickly become a matter of cash flow, planning, and employment.

The right answer will not be the same for an occasional exporter, a manufacturer highly dependent on the American market, or a freelancer who delivers a few specialised clients. But the principle is common: document the flows, reread the contracts, and calculate the margins before the new customs line appears on the invoice. In a climate where trade policy can change quickly, accounting discipline becomes a form of insurance.