The Swiss stock market saw a decline due to concerns about potential tariffs from the new Trump administration. This has raised fears of inflation and hindered the Federal Reserve's ability to lower interest rates.

Market analysts, including Vasu Menon from OCBC Bank, warn that aggressive tariff increases could lead to retaliatory measures from key trading partners, further complicating the economic landscape.

The evolving political dynamics in the US are likely to have significant implications for global markets and trade relations.