The Swiss National Bank (SNB) has carried out the largest currency interventions in the last three years, trying to weaken the franc against the backdrop of Donald Trump's tariff campaign. In the second quarter, the regulator purchased 5.1 billion francs ($6.4 billion) worth of foreign currency, which is in line with analysts' forecasts. These actions put an end to a 15-month period without active intervention and were a reaction to the «reciprocal tariffs» announced by Trump on April 2. As a result, the franc strengthened by 10% against the dollar and by 2% against the euro. Before that, Switzerland and the United States agreed not to manipulate currencies, and the SNB confirmed the priority of price stability. However, Washington soon imposed a 39% tariff on Swiss exports, and Bern was included by the US Treasury in the list of countries under monitoring of monetary policy. It should be recalled that during Trump's first presidential term, Switzerland already received the status of a «currency manipulator.»
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