Much of world economy has coped better than expected with tariffs, SNB chairman says

• Approximately 25% of Swiss companies surveyed by the central bank have been negatively affected by U.S. tariffs
• Nearly one-third of Swiss firms have taken no measures in response to the tariffs, suggesting a wait-and-see approach
• Swiss inflation remains at 0.1% in January 2026, at the bottom of the SNB's 0-2% target range, with inflationary pressures barely changed despite tariff uncertainty

Summary

Key Developments:

Swiss National Bank (SNB) Chairman Martin Schlegel reported that the global economy has demonstrated greater resilience to U.S. tariffs than initially anticipated, though uncertainty continues to impact growth. Speaking in Zurich on February 24, 2026, Schlegel revealed that approximately 25% of Swiss companies surveyed by the central bank have experienced negative effects from the tariffs.

Company and Sector Impact:

Nearly one-third of Swiss firms have chosen not to implement any responsive measures to the tariffs, suggesting either confidence in weathering the impact or limited direct exposure. The SNB's survey provides insight into how businesses are navigating the tariff environment.

Inflation Data:

Switzerland's inflationary pressures remain stable, with January 2026 inflation registering at just 0.1%—at the lower end of the SNB's 0-2% target range for annual inflation. This low inflation rate indicates minimal pricing pressures despite global trade tensions.

Market Implications:

The resilience demonstrated by much of the global economy suggests that feared worst-case scenarios from U.S. tariff policies may not materialize. However, ongoing uncertainty continues to weigh on growth prospects. Switzerland's stable inflation environment provides the SNB with flexibility in monetary policy decisions. The mixed response from companies—with some affected negatively while others take no action—indicates varied exposure levels across different sectors and business models. This data point will be crucial for investors assessing risk exposure in European markets and evaluating how trade tensions may impact corporate earnings and economic growth trajectories.