Swiss luxury watchmakers' shares drop after Trump tariff shock

(Reuters) -Swiss luxury watchmakers' shares, including Richemont and Swatch, were volatile in early trade on Monday, reflecting the challenge for the industry after U.S. President Donald Trump set a 39% tariff on Swiss imports. The sector, which exported watches worth 26 billion Swiss francs ($33 billion) in 2024, is already under pressure from a stronger franc and falling global demand. "The impact of the U.S. tariffs, if they stay at 39%, could be devastating for numerous brands in Switzerland," said Jean-Philippe Bertschy, an analyst at Vontobel.