Swiss Market Ends Notably Lower On Trade War Concerns
(RTTNews) - The Switzerland market ended notably lower on Tuesday after languishing in negative territory right through day's trading session amid concerns about global economic growth as fresh U.S. tariffs on Canada, Mexico and China took effect today, and China and Canada announced retaliatory measures.
U.S. President Donald Trump's threat that he will impose reciprocal tariffs from early April, hurt as well.
In retaliation, Canada announced 25% tariffs on $107 billion worth of U.S. goods, with $20.7 billion in immediate effect. Mexican President Claudia Sheinbaum said her country is preparing countermeasures.
China has announced 15% tariffs on U.S. chicken, wheat, corn and cotton, plus 10% cent tariffs on soybeans, pork, beef and dairy beginning March 10.
U.S. President Donald Trump reiterated that he will impose reciprocal duties with effect from April 2, and the first target will be a levy on agricultural products.
The benchmark SMI ended down 159.94 points or 1.21% at 13,006.74, slightly off the day's low of 12,991.81.
UBS Group plunged 7.2%. Partners Group tumbled 6.1% and Logitech International closed lower by 5.84%.
Kuehne + Nagel, Sika and Holcim settled lower by 5%, 4.75% and 4.3%, respectively. ABB, VAT Group, Straumann Holding, Adecco, Swatch Group, Geberit and Alcon lost 2 to 4%.
Julius Baer, Richemont, Swiss Life Holding, Lonza Group, Zurich Insurance Group, Sonova and Swiss Re also ended notably lower.
Lindt & Spruengli climbed about 8.25%. Nestle, Schindler Ps, SIG Group, Roche, Givaudan and Novartis ended down 0.4 to 1.3%.
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