Press release
12 Jun 2025  | Zurich, CH

CEOs worldwide and in Switzerland concerned about US tariffs – caution prevails in investments

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  • More than half of the surveyed Swiss CEOs consider the current geopolitical and trade policy uncertainty to be the main risk for their own companies – globally, this figure is 42 percent.
  • 44 percent of the surveyed Swiss CEOs are very concerned about the impact of potential new tariffs or tariff increases – globally, this figure is 50 percent.
  • Over 70 percent of Swiss companies have halted or postponed investments due to geopolitical and trade policy uncertainties – globally, the percentage is even higher.
  • Despite the uncertainty, nearly half of Swiss CEOs plan to make at least one merger or acquisition in the next 12 months.

Zurich, 12 June 2025 – The latest edition of the CEO Outlook Survey by EY Parthenon, the strategy and transaction consulting arm of EY in Switzerland, shows: For corporate leaders worldwide, US tariff policy has become the number one concern. 42 percent of the 1,200 executives surveyed globally identify the current geopolitical and trade policy uncertainty as the main risk for their companies. Among the 50 Swiss CEOs surveyed in April, 52 percent share this view. US CEOs are also concerned: for 38 percent of American executives, this uncertainty represents the main risk for their own companies. Thus, the possibility of a new global trade war overshadows all other issues: a labor shortage is considered the top risk for only 20 percent of Swiss CEOs, while globally, 17 percent share this view, and in the US, it is 22 percent.

It is foreseeable that rising tariffs will lead to both margin losses and price increases. 31 percent of Swiss CEOs plan to pass the increased costs on to customers – globally, the figure is 33 percent. In the US, tariffs are also expected to lead to price increases: 35 percent of US companies intend to pass at least some of the costs on to customers. This is likely to dampen demand in the US as well, further burdening the economy. A similar number of corporate leaders – 42 percent globally, 36 percent in Switzerland – want to try to offset the additional costs through efficiency improvements and cost reductions.

“The volatile and unpredictable US tariff policy has developed into the greatest risk for the economy from the perspective of corporate leaders worldwide,” says Stefan Rösch-Rütsche, Country Managing Partner of EY in Switzerland. “The uncertainty among the CEOs surveyed globally is enormous and leads companies to rethink their investment plans – larger investment decisions are being delayed or even completely halted.”

US Tariff Policy Shows Clear Consequences

According to corporate leaders, the consequences of US tariff policy are evident in many ways. For example, regarding investments: 22 percent of CEOs surveyed globally report that they have halted at least one planned investment. Swiss CEOs express similar sentiments: 20 percent of them indicate that they will not implement at least one intended investment for the time being. In China, the figure is 23 percent, and in the US, it is 21 percent. An additional 54 percent of CEOs worldwide state that they will implement at least one investment with a delay. In Switzerland, 52 percent will delay a planned investment.

Stefan Rösch-Rütsche says: “Swiss CEOs are also cautious and are waiting to make certain investments until the situation improves or at least stabilizes. If the US and China enter a trade war, Swiss companies will inevitably feel the impact. Disrupted supply chains, high additional costs, price increases in buying and selling, high liquidity burdens, and increased administrative effort: this is a challenging scenario for Swiss companies operating internationally.”

The prospect that the US may introduce further tariffs or increase existing tariffs within the next twelve months causes concern among executives. Respondents expect negative effects on the business operations and sales figures of their companies. In Switzerland, 44 percent of the surveyed CEOs express that they are “extremely” or “very” concerned, and another 40 percent show “somewhat” concerned. Only 4 percent of the surveyed Swiss corporate leaders say they are not concerned. Globally, 50 percent of CEOs say they are “extremely” or “very” concerned. An additional 35 percent are “somewhat” concerned, and only 2 percent show no concern.

Meanwhile, there is alarm among German companies: 66 percent of the surveyed German CEOs are “very” or “extremely” concerned that tariff increases could negatively affect their companies – in the US, the proportion is also relatively high at 59 percent. In contrast, Chinese companies seem relatively calm about potential tariff increases: 43 percent – the fewest in any other major country – are “extremely” or “very” concerned.

Interest in Mergers and Acquisitions Remains High Despite Uncertainty

Despite the weak economy and massive uncertainty, interest in mergers and acquisitions of companies or parts of companies is currently relatively high: 46 percent of Swiss CEOs plan at least one merger or acquisition in the next 12 months. Globally, the proportion is even higher at 57 percent.

At the same time, Swiss executives show a strong preference for establishing strategic partnerships, which offer the advantage of minimizing costs and conserving corporate resources. The proportion of Swiss CEOs who aim for at least one alliance or joint venture within the next twelve months is 58 percent – globally, it is 67 percent. “Strategic alliances are becoming increasingly important – not only because of the tariff policy of the US administration,” says Rösch-Rütsche. “Many industries are currently undergoing massive technological changes. In this situation, alliances provide the necessary flexibility and enable quick action.”

EY CEO Outlook Survey – Global and Swiss Edition


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