Same difference. Also American!
Fendt: a brand of AGCO
The Fendt brand has been part of the American global player AGCO since 1997. Headquartered in Duluth (Georgia, USA), the Group currently employs over 24,000 people worldwide and offers the most comprehensive range of machinery and solutions in the agricultural sector.
Now in the hands of the Italians! Our Brands - SDF GROUP
The vollkasko insurance of my German car increased by 250 CHF in 2026.. 
Inflation and US tariffs have massively increased the claims cost for insurances, especially car repairs in terms of replacement part costs. This currently left most providers with no other choice than increasing the tariffs. I recommend to follow up with (…) directly after his return to see what might be possible to take further influence on your specific case. You have a special right of termination until end of the year in case of AXA increasing tariffs, so no urgent decision must be taken now.
Q4 and the year are ending.
The discussions to end the 39% tariff to Swiss exports are still ongoing. No big news, the NZZ only reports impatience from the Swiss industry.
Swiss GDP contracted significantly in Q32025. Since nothing has changed it’s quite probable that Q42025 will also be a degrowth one.
This other plot form Swiss SECO shows that the contraction occurred in the secondary sector (construction and manufacturing).
Q42025 stats will be published by end of Feb 2026, but not hard to see that Switzerland is on the path of an economic recession.
Last recession was caused by Covid. This one should be called the Trump Recession because that’s the cause.
And one more chapter to the story:
Mr. Trump yesterday in an interview with CNBC:
We should be – we should have the lowest interest rate in the world. When I was a young guy growing up, we always had the lowest interest rate worldwide. We always did. And then 15 years ago, 20 years ago, it started where Switzerland and other people had lower rates than us. I just had a thing with – if you take a look at some of the, you know, let’s call them like elite countries. They’re only elite because we allow them to walk away with $30 billion and $40 billion a year. But I don’t do that so much anymore. I sort of put a clamp on that with the tariffs and charges that we charge them. Because they were elite, because they were making billions and billions of dollars from the United States, largely, and other reasons that they run a good operation. But it’s easy to run it good when you make that much money, where we have these massive deficits with – you take a look at some of the countries. But Switzerland is one. They talk, oh yes, we are a small and brilliant – well, they’re brilliant because they pay us almost nothing. Now they pay little bit. They should pay much more. We’ll get that up a little bit.
I’m lost. If I remember well, the current tariffs are 15%, but US gov should reimburse the difference between 15 and 39 to importers. What a mess.
The US will reimburse the tariffs that companies paid. They have the bills so it is quite easy to do plus they have dates so it is easy to calculate the interest due,
Consequently they will have to refund more than they collected. If they calculate the numbers correctly then the US trade deficit will be much higher this month and in every month that refunds are happening.
The U.S. Court of International Trade, a specialized court in New York, heard oral arguments on 10th April in an attempt to overturn the temporary tariffs Trump turned to after the Supreme Court in February struck down his preferred choice — even bigger, even more sweeping tariffs.
These new tariffs were not retrospective and started a couple of months ago.
Nonsense. The paybacks affect previous quarters and will be included there.
And of course the tariffs have no direct effect on the trade deficit. The deficit doesn’t change unless the resulting higher consumer prices affect behavior/demand - which is to be seen.