machine tool

The deal will alleviate fears, including in the country's famed watch industry and machine tool sector, of any lasting impact of the devastating tariff hike.

Switzerland counts the U.S. among its top export markets for goods such as watches, chocolates, drugs and machine tools.

The sudden hike has now shocked the country, as tariffs could seriously affect companies that produce pharmaceuticals, jewellery, and machine tools.

The U.S. says China has greatly expanded supplies of machine tools, microelectronics and other technology to Russia that is used to make missiles, tanks, aircraft and other weapons.

But the Biden administration has prodded Xi’s government over its sale to Russia of so-called dual-use items — components such as machine tools, microelectronics and rocket propellant, which have civilian and military uses.