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9th Jul 2025 10:11EurozoneWeekly Monitor

  • A third of Swiss pharma exports go to the US; a 200% tariff could pull GDP down 4% at the extreme. 
  • Offsetting factors remain and, in the near term, tariff front-running poses upside risks to our forecasts. 
  • The maximum direct hit to EZ GDP of a 200% US tariff on pharma is 1%.

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Keywords for: 11 July 2025 Eurozone Monitor

independent macro research, Pantheon Macro, Pantheon Macroeconomics, independent research, ian shepherdson, economic intelligence