A ZHAW study reveals a geopolitical shift among Swiss companies
The Swiss Managers Survey, conducted in May 2025, provides insights into how Swiss companies are responding to growing geopolitical tensions and US-imposed tariffs.
The sixth edition of the Swiss Managers Survey examined how the volatile global business environment and the trade dispute with the US are affecting the confidence of business leaders in Switzerland.
The survey revealed that even before US-imposed tariffs took effect in August 2025, Swiss business leaders were already significantly more cautious about the US as an economic partner than they had been just a few years earlier, with almost two-thirds reporting a more negative view of the country. One-quarter described the loss of trust as dramatic.
Many companies reported plans to reduce their dependence on the US by looking for new export markets or suppliers. The survey shows that the mere threat of tariffs has prompted managers to rethink their position. Trade between Switzerland and the US is likely to suffer even if a tariff deal is reached.
Openness towards the EU and South-East Asia on the rise
The growing distance from the US appears to benefit the European Union and South-East Asia, in particular. According to the study, the business sentiment towards the EU and South-East Asia has improved significantly, indicating a broader realignment of international business relationships.
The Swiss Managers Survey is conducted annually by the ZHAW School of Management and Law in collaboration with the University of Applied Sciences and Arts of Southern Switzerland (SUPSI), the University of Applied Sciences and Arts Western Switzerland (HES-SO) and chambers of commerce in German and French-speaking Switzerland. A total of 280 respondents from across Switzerland’s industries and linguistic regions took part in the survey.