Key Events Around the Globe: Jan 30

Swiss Exports to US Rise in 2025 Despite Tariffs

Switzerland’s exports to the United States rose 3.9% in 2025, the federal customs office said on Thursday, outpacing overall export growth despite the Alpine country facing some of the highest U.S. tariffs worldwide.

Washington in April threatened to impose a 31% tariff rate on Swiss goods but ultimately hit Switzerland with a 39% rate when it applied the levy in August.

The Trump administration said the tariffs were justified by the size of the U.S. trade deficit with Switzerland.

The United States later cut those tariffs to 15% in November after striking a deal with Switzerland, putting the country on a level playing field with the European Union.

Excluding gold, other precious metals, precious stones, gems, artworks and antiques, Swiss exports to the U.S. hit 54.7 billion Swiss francs ($71.4 billion) in 2025, the data showed. Swiss imports of U.S. goods fell by 5.7% to 13.3 billion francs.

US Wholesale Inventories Increase Again in November

U.S. wholesale inventories increased in November, suggesting inventory investment could add to gross domestic product in the fourth quarter after being a drag for two straight quarters.

Stocks at wholesalers rose 0.2% after a similar gain in October, the Commerce Department’s Census Bureau said on Thursday. The report was delayed by the 43-day shutdown of the government. Inventories, a key part of gross domestic product, increased 1.8% on a year-over-year basis in November.

Business inventories have declined for two straight quarters, subtracting from the GDP growth. The drag was, however, offset by a shrinking trade deficit during that period.

Natural Gas Storage Sees Greater Than Expected Decline, Sparking Bullish Outlook

The Energy Information Administration (EIA) released its Natural Gas Storage report, indicating a notable decline in the number of cubic feet of natural gas held in underground storage over the past week. The report showed a decrease of 242 billion cubic feet, a significant drop that has implications for the energy sector and, by extension, the economy.

This decline in natural gas storage surpassed the forecasted decrease of 237 billion cubic feet. The larger-than expected decrease implies a stronger demand for natural gas, which is a bullish indicator for natural gas prices. This could stimulate activity in the energy sector, particularly in Canada, which has a substantial energy sector that is highly responsive to changes in natural gas prices.

Furthermore, the actual decrease of 242 billion cubic feet represents a significant increase from the previous week’s decrease of 120 billion cubic feet. This suggests a trend of increasing demand for natural gas, which could potentially drive up prices in the future.

US Trade Deficit Widens by the Most in Nearly 34 Years in November

The U.S. trade deficit widened by the most in nearly 34 years in November amid a surge in capital goods imports, likely driven by an artificial intelligence investment boom, which could prompt economists to trim their economic growth estimates for the fourth quarter.

The trade gap increased 94.6% to $56.8 billion, the Commerce Department’s Bureau of Economic Analysis and Census Bureau said on Thursday. The percentage change was the largest since March 1992. Economists polled by Reuters had forecast the trade deficit would rise to $40.5 billion.

The report was delayed because of the 43-day U.S. government shutdown. Imports jumped 5.0% to $348.9 billion. Goods imports advanced 6.6% to $272.5 billion, with capital goods soaring $7.4 billion to a record high. They were boosted by strong gains in imports of computers and semiconductors. But imports of computer accessories decreased by $3.0 billion.

Source: HSL Prime Daily, 30 Jan 2026

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