As global trade rules fray, countries are scrambling to shore up export markets and diversify partners. For highly globalised, export-dependent Switzerland, there could be an added complication: the ballot box. The clock is ticking. By March 31, Swiss authorities hope to finalise a deal with Washington capping US tariffs at 15%. Yet even if they meet the deadline, and parliament signs off on the agreement, a delay looms – Swiss voters could yet force a referendum. Given public hostility to US President Donald Trump and his tariffs, and the razor-thin acceptance of a trade deal with Indonesia in 2021, approval would be far from certain. Whether it will come to a ballot remains unclear. Cédric Wermuth, the leader of the left-wing Social Democrats, told the Neue Zürcher Zeitung in January that he would consider launching a referendum – which requires 50,000 signatures – “if necessary”. But for now, with no final agreement on the table, and US politics volatile, opposition is largely ...
