US Tariffs on Swiss Watches in 2026: What Applies Now and What It Means for Prices

Swiss watch tariffs have changed five times in about fifteen months, and sources often mix up the rates. The rate now in force is up to 12.5% under a US Section 301 action effective July 24, 2026, and it is a combined ceiling that includes the normal duty, not an add-on. The 39% of August 2025 and the 15% of November 2025 were earlier stages. We checked the Federal Register, USTR, the Swiss government and the Federation of the Swiss Watch Industry (FH).

At a glance

The current rate: up to 12.5% since July 24, 2026

Confirmed. USTR announced final action on July 23, 2026, and the Federal Register published the notice on July 28 (91 FR 47318). Duties apply to goods entered on or after 12:01 a.m. Eastern on July 24. For Switzerland, the rate is 12.5% net of a product's MFN duty. Where MFN is below 12.5%, the extra duty tops the total up to 12.5%. Where MFN is 12.5% or more, the extra duty is zero. SECO's example: a 5% MFN duty plus a 7.5% extra duty.

So 12.5% is not simply layered on MFN. The 15% figure is real but older: it was the combined cap from November 14, 2025 until the IEEPA tariffs ended on February 24, 2026, and some pages still quote it. The 39% ran from August 7 to November 13, 2025. Section 301 replaced a 10% Section 122 surcharge that expired July 24. No court has yet reviewed the Section 301 tariffs (SECO), and a separate overcapacity investigation had no published result as of SECO's August 17 update.

How the tariff applies to a watch

The importer of record pays US Customs and Border Protection (CBP). The notice converts specific or compound duties to an ad valorem equivalent by dividing the duty payable by the customs value. Customs value is the value declared at import, generally not the retail price. That is our reading, and CBP is the binding authority.

Chapter 91 wristwatch duty lines often mix a per-piece amount with percentages on case, strap and battery. We did not verify any combined MFN rate against the official schedule. Interpretation. Because MFN counts toward the cap, the extra duty could be small or zero for some references.

SECO names civil aircraft, pharmaceuticals and gold as exempt. We searched the text of the notice's Annex II (Parts A and D) and the December 2025 Annex I and found no wrist-watch subheadings, only vehicle and aircraft instrument clocks. Crown & Caliber also says watches are not exempt.

September exports: +85.7% for the US, not +128.8%

Confirmed from the FH. Its September 2026 commentary and market table put US exports at CHF 292.9 million, up 85.7% (Bloomberg rounds to 86%), which the FH attributes to a favorable base effect. September 2025 was CHF 157.7 million and September 2024 was CHF 354.8 million, so the US is still 17.5% below 2024. France is the market that rose, by 128.2% to CHF 246.5 million. We found no FH table showing the US up 128.8%, and the FH's own commentary gives 85.7%.

The FH says only that France's atypical figure may reflect trade flows moving between markets. Bluewin, citing Keystone-SDA, links it to a logistics hub effect after lower US tariffs on EU imports. That is reported, not FH's, and we found no source tying the US figure to European routing. The FH also calls September the fourth straight month of growth, not the fifth that Bloomberg states. See our September exports report.

Brand responses and prices: no verified tariff link

In August 2025, FH president Yves Bugmann said price adjustments would likely become unavoidable if 39% stayed, Breitling's Georges Kern named efficiency, margins and global price rises as options, and Swatch Group's Nick Hayek said it could not absorb 39% (all via Monochrome). Those were expectations, not price lists.

Rolex raised US prices on January 1, 2026. Our price increases report puts the average near 7%, and Luxury Bazaar gives 4% to 9% by model. Luxury Bazaar and Rennwrist report a June 1, 2026 rise of about 5% on gold and about 2.5% on two-tone (Rennwrist: up to 6.7%), steel unchanged. Rolex gave no reason. Outlets that offer one cite gold, covered in our gold price report.

Interpretation. January followed the cut from 39% to 15%, and June skipped steel though tariffs cover every metal. There is no verified Rolex link to the tariff. Swatch Group reported US sales up 27% at constant rates in the first half of 2026 (Insight Luxury), with no tariff explanation.

Pre-owned prices, buying and what to watch next

Chrono24's ChronoPulse index rose 0.7% in Q3 2026 and 7.5% over twelve months, in euros, without tariff analysis (our ChronoPulse report). A used watch already in the US is not re-imported, so any tariff effect is indirect, and we found no index isolating one. This is not investment advice.

If you import a Swiss-made watch, the duty falls on the importer of record, so ask who that is. The notice covers articles that are the product of Switzerland, so origin matters, not the shipping point; check with CBP or a broker. SECO says importers can seek refunds of earlier IEEPA duties, so refunds go to importers, not later buyers. Grey-market warranty terms vary by brand and seller, so read them first.

Next, the FH's October export data is due November 19, 2026. Also open are the court status of Section 301, the overcapacity investigation and Swiss-US trade talks, which SECO says continue.

Timeline of US tariffs on Swiss watches, 2025 to 2026

Background

Sources: Federal Register notices 2026-15181 and 2025-23316; USTR (July 23, 2026); White House order (July 31, 2025); SECO and its August 17, 2026 update; economiesuisse; FH September 2026 commentary and table (fhs.swiss); Bloomberg via swissinfo, Bluewin and Luxury Tribune (October 20, 2026); Monochrome; Troutman Pepper Locke; Luxury Bazaar, Rennwrist, Insight Luxury; Crown & Caliber; retrieved November 10, 2026. WatchPro and Rolex pages could not be opened. Annex lists were read as extracted text. Not legal or investment advice.