Empire State Manufacturing Survey Preview

The Swiss-US trade deal marks another potential reduction in tariffs paid by US importers, following selective tariff cuts on imported foodstuffs. The Swiss tariffs were not in place long, and US importers may have anticipated this reduction; it is therefore questionable how much of the tariff was passed to US consumers. Other tariff reductions have not necessarily reduced consumer prices—less relevant in the Swiss case, but which matters to inflation perceptions in the case of food tariffs.