Swiss origins of a Thermoplan coffee machine are prominently displayed. Keystone / Christian Beutler For decades the country’s exporters focused on adding value, but US tariffs and the strong franc are now hitting them harder. Listen to the article Listening the article Toggle language selector English (US) English (British) Generated with artificial intelligence. This content was published on August 25, 2026 – 12:54 15 minutes Mercedes Ruehl, The Financial Times When US President Donald Trump hit Switzerland with punitive tariffs last year, Nabil Francis’s first reaction was shock. “It was a wake-up call,” says Francis, the chief executive of Felco,…