Swiss Consider Scrapping Import Tariffs on Industrial Goods

(Bloomberg) -- The Swiss government is proposing to eliminate import tariffs on industrial goods, in a bid to combat the country’s famously high consumer prices.

Abolishing such fees would lower the administrative burden for domestic companies and help them goods from abroad at a lower cost, the government in Bern said. It would also benefit consumers, as tariffs are levied on items such as cars, bicycles, household appliances and clothing.

Switzerland’s move to lower industrial tariffs stands in contrast to a rise in protectionism globally. The U.S. has slapped tariffs on Chinese tens of billions of dollars in products, and Beijing has retaliated.

After the various interested parties have a chance to comment on the proposal, it will then be voted on by the Swiss parliament. The tariffs would be abolished as of January 2022, the government said in a statement on Friday.

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