“Known for its high living costs along with its chocolate and cheese, Switzerland is making a bold move in the era of trade protectionism that should make things a little cheaper: saying goodbye to industrial tariffs.
Starting in January, 95% of all imports will enjoy duty-free status, promising more affordable goods like cars, household appliances and clothes. That’s up from 81% currently. Tariffs will remain on agricultural products.
While this move wipes out half of customs revenue in a country that’s home to the World Trade Organization, it’s expected to boost competitiveness and moderate the elevated prices for everyday items.”