Swiss Market Ends Sharply Lower

(RTTNews) - Swiss stocks tumbled on Wednesday, in line with markets across Europe and elsewhere, as U.S. tariffs, including a massive 104% levy on Chinese imports, and a 20% levy on European Union imports took effect today.

China's finance ministry said it will impose 84% tariffs on U.S. goods from Thursday, up from the 34% previously announced. The European Commission is reportedly contemplating imposing tariffs of up to 25% on over 22 billion euros worth of American agricultural and industrial exports.

Trump also proposed the imposition of a "major" tariff on drug imports in a bid to stimulate domestic drug production and tripled the previously announced tariff rates on low-value packages exported to the U.S. from mainland China and Hong Kong.

The benchmark SMI ended down 471.39 points or 4.15% at 10,887.73, nearly 200 points off the day's low of 10,699.66.

Sandoz Group closed down 7.83%. Novartis settled 6.41% down, and Roche Holding lost 5.84%. Adecco, Logitech International and Julius Baer lost 5.67%, 5.44% and 5.25%, respectively.

UBS Group, Swiss Re, Kuehne + Nagel, ABB, Holcim, Richemont, Partners Group, Swiss Life Holding, Zurich Insurance, Alcon, Sika, Lonza Group and Swatch Group closed down 3 to 5%.

VAT Group, Straumann Holding, Sonova, Nestle, Schindler Ps, SIG Group and Geberit also declined sharply.