Monday, 4 August 2025 Reading time : 3 minutes

On 1 August, Switzerland awoke to some quite unsettling news from Washington. Thus, the US plans to impose a 39% tariff on Swiss imports from 7 August, which exceeds even the initial 31% tariff set for Switzerland at the beginning of April as part of Liberation Day.
 
While Swiss politicians are puzzling over what went wrong, investors are trying to assess the potential impact of the impending change on the Swiss stock market. The initial reaction has been surprisingly muted. On Monday, the first trading day following the US tariff announcement, the SMI has recovered from its initial losses and is down around 0.5% by the afternoon. The SPI's losses are in the same range.

However, uncertainty is likely to remain high for the time being. In the current market environment, companies that are less dependent on the American export market could therefore be of interest.

In this context, building materials manufacturer Holcim stands out. In retrospect, the timing of the spin-off of the North American business could hardly have been better. Since June, the Holcim spin-off Amrize has been serving the US market as an independent company. Holcim, on the other hand, will focus on growth potential in Europe, Latin America, and Asia.

Kühne + Nagel is also adopting a relaxed approach. As a globally active group, the company's Swiss business is small, the logistics provider told the news agency AWP with regard to the tariffs. In fact, Kühne + Nagel could benefit from the challenging global trade environment, given that managing complex supply chains is one of the group's core competencies.
 
The Swiss pharmaceutical sector has so far been exempt from the tariffs. However, this may not necessarily remain the case, as pharmaceutical supplier Lonza is well aware. The company is confident about possible tariff increases and highlights its significant production presence in the US. In a statement to AWP, Lonza said that the group also pursues a procurement strategy that prioritises local sourcing.

Building materials and chemicals group Sika does not currently expect any immediate impact from US tariffs. Sika announced that almost 100% of the products sold in the US are manufactured locally. The group is therefore well protected. Consequently, Sika is not currently planning any adjustments to the new tariff regime.

The Barrier Reverse Convertible combines the four equities into a single product. Thanks to the barrier, investors are partially protected against price declines and receive an annual coupon of 8.25%. All equities are rated 'overweight' by Zürcher Kantonalbank's research team.

Barrier Reverse Convertible on Swiss Stocks
8.25% BRC auf Holcim, Kuehne + Nagel, Lonza und Sika
Barrier: 68%
Valor: 144 653 623

Indicative terms

 

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