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Swiss stock market plunges after Trump’s tariff offensive

Swiss stock market plunges after Donald Trump's customs offensive
Swiss stock market plunges after Donald Trump's customs offensive Keystone-SDA

The Swiss stock market opened in the red on Thursday, following the announcement of tariffs imposed by the United States on the products of many of its trading partners.

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Depending on the response by other countries, there is a great risk that a trade war will suffocate the global economy.

+ Trump slaps 31% tariff on Switzerland

At around 9.20am, the SMI was deepening its loss, tumbling 1.69% to 12,375.19 points, after opening down 1.45%. The SLI lost 2.03% to 1987.98 points and the SPI 1.8% to 16,486.43 points.

Of the 30 stocks in the Swiss Leader Index, barely a handful were in the green.

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Computer peripherals manufacturer Logitech, fell by 9.9%. The company will be hard hit by the new taxes because of the structure of its business, with production largely in China and a large proportion of sales in the US.

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