Switzerland moves to strengthen its competitiveness after US tariffs

ZURICH, Aug 20 (Reuters) - Switzerland is intensifying efforts to strengthen its attractiveness as a business location, its government said on Wednesday, after being hit with some of the highest U.S. tariffs worldwide.

Efforts will focus on regulatory relief for Swiss companies, and new rules incurring high costs for businesses could be pushed back, the government said in a statement.

U.S. President Donald Trump this month imposed U.S. import tariffs of 39% on Swiss goods, though pharmaceuticals and some other sectors have so far been spared the duties.

"(The government) wants to decisively press ahead with its economic policy agenda and is focusing on reducing the regulatory burden on companies," the government said.

Geographical diversification and Swiss companies' access to alternative international markets should also be strengthened, the statement said.

The new U.S. levies currently affect around 10% of Swiss goods exports, and could have potentially severe consequences for some companies, the government said.

Switzerland does not anticipate a recession akin to the global financial crisis or the pandemic, it added.