Swiss Moves
Cross-Border Booms, Trade Battles & Corporate Shake-Ups
Switzerland never stays still – whether it’s Geneva breaking records for cross-border workers, high-stakes trade negotiations heating up, or economic tremors from potential Trump tariffs. And let’s not forget Glencore’s surprising financial turn. It’s a whirlwind of Swiss business and diplomacy, so let’s dive in.
Record-Breaking Cross-Border Permits in Geneva
Geneva is on fire when it comes to cross-border workers – 24,835 new G permits were issued in 2024, setting an all-time high since records began in 1989. For the third consecutive year, the total has exceeded 20,000, according to the Cantonal Statistical Office.
Who’s Crossing the Border?
60% are men
60% are between 20-34 years old
With 112,092 active foreign cross-border workers in Geneva and a nationwide total of 403,243, Switzerland is leaning hard on international talent.
Fun fact: the G permit lasts five years, even if the holder stops working in Switzerland before it expires. Handy, right?
As Geneva continues to attract workers from across the border, Switzerland’s global trade ambitions are also ramping up. Speaking of which…
Swiss Diplomacy on the Move: Ignazio Cassis & the Mercosur-EFTA Deal
Swiss Foreign Minister Ignazio Cassis just wrapped up a five-day sprint through Brazil, Bolivia, and Paraguay, pushing forward the long-stalled Mercosur-EFTA free trade agreement. With negotiations dragging on for years, the clock is ticking – Switzerland stands to save up to CHF 180 million ($198M) in customs duties if the deal goes through.
Why the Urgency?
With US-China trade tensions heating up, Switzerland wants stable trade partners.
Argentina’s President Javier Milei has hinted at leaving Mercosur in favor of a US deal, adding to regional uncertainty.
Even at WEF in Davos, Milei assured Swiss Finance Minister Karin Keller-Sutter that things were on track – and even gave Switzerland some love.
A signing is planned for the second half of the year, per Foreign Ministry spokesperson Nicolas Bideau. But while Switzerland pushes for better trade conditions, there’s another storm brewing…
Switzerland in Trump’s Crosshairs? UBS Warns of Pharma Tariffs
Switzerland’s pharma industry may be in for a tough pill to swallow. A UBS study warns that with Trump in the White House, Swiss exports - especially pharmaceuticals (60% of Swiss goods shipped to the US) – could face new tariffs.
Possible fallout:
Swiss pharma giants may be pressured to move production & research to the US.
Swiss GDP growth could slow (though economists still predict a 1.5% adjusted increase this year).
Other sectors like medtech & auto suppliers might get hit, though luxury watches could stay safe due to price inelasticity.
The silver lining? Swiss companies employ up to 400,000 people in the US, and the overall trade balance (goods + services) is more balanced than it seems. But will that matter to Trump?
Meanwhile, while Swiss pharma faces turbulence, another Swiss giant is navigating its own financial rollercoaster…
Glencore’s $1.6B Loss – But Shareholders Still Cash In
Big swings for Glencore this year – the Swiss commodities giant reported a $1.6 billion loss in 2024 despite rising sales ($231B vs. $218B in 2023). The culprit? Lower coal prices, which dragged adjusted operating profit from $10.4B to $6.9B.
But don’t feel too bad for shareholders – they’re still getting a $2.2 billion payout, including a $0.10 per-share dividend and a $1B share buyback.
Also making headlines: María Margarita Zuleta, a Colombian professor and corporate leader, is joining the board as an independent director.
From Geneva’s record-breaking cross-border workforce to Switzerland’s global trade maneuvers and corporate shake-ups, one thing is clear: Switzerland thrives on connections, but those connections come with risks. Whether it’s potential tariffs from Trump, Mercosur negotiations, or fluctuating global markets, the Swiss economy is always walking a fine line.
One thing’s for sure – Switzerland won’t be standing still anytime soon.