How Tariffs Could Devastate the Watch Industry – A Comprehensive Breakdown by Teddy Baldassarre
by Ian Skellern
Like many connected to the watch industry, I’ve wondered at just how much of an impact the US tariffs are likely to have on the watch industry, both outside the USA and inside the USA.
And todate I’ve found no clearer explanation of what’s likely to happen than Teddy Baldassarre, who is both a US watch retailer and prominent watch reviewer and journalist.
Spoiler alert: Things could be particularly bad i.e., more expensive, for US collectors buying watches directly from independent watchmakers.
You can watch more videos by Teddy Baldassarre at www.youtube.com/@TeddyBaldassarre/videos
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If Switzerland did not have a 61% tariff on the import of American goods then Pres. Trump would not have levied a 31% tariff on the import of Swiss goods. Pres. Trump did Switzerland a favor by not putting a 61% tariff on Swiss goods. That’s the cold reality not addressed in the video.
There is no 61% tariff on US goods. Switzerland abolished all tariffs on US industrial goods on January 1st 2024. 99% of American goods enter Switzerland duty free. Plus, Switzerland usually has a trade deficit with the USA – they buy more goods from the US than the US buys from Switzerland – but because the USA bought a lot of gold from Switzerland last year, the Swiss had a trade surplus with the US and the tariffs were based on that.
Australia has both a free trade agreement (no import duties) and a trade deficit with the USA (Australians buy more from the US than the US buys from Australia) and it was still hit with 10% tariffs. There is zero logic in that.
Regards, Ian
Regards, Ian
Teddy Baldassarre’s breakdown—featured in Quill & Pad and co-authored by Ian Skellern—