Watch Prices Are Finally Moving After the 39% Tariff

On July 31, 2025, the White House announced a 39 percent tariff on Swiss imports, watches included. The order took effect at 12:01 a.m. EDT on August 7. It also created a narrow exception for goods that were already loaded and in transit before the cutoff, so long as they cleared U.S. customs by early October. Because of that exception, stores kept receiving pre-tariff inventory into late summer, even though the higher rate was already law.

The July surge, in plain numbers

Tudor Kenissi Manufacture. Image Source: Revolution Watch

In July, Swiss watch exports to the United States jumped 45 percent by value, according to the Federation of the Swiss Watch Industry. The FH’s monthly bulletin tied the spike to tariff uncertainty and pre-stocking; it also noted that without the U.S. surge, global exports for the month would have dipped slightly. Retailers echoed the same pattern: Watches of Switzerland told the Financial Times it brought shipments forward ahead of the August deadline to give U.S. boutiques a short buffer while brands recalibrated pricing.

How brands responded

Omega Speedmaster Professional 'Sapphire Sandwich'

We don’t have to guess how individual companies behaved. Reuters reported that DuBois et fils—a small, Le Locle-based watchmaker—rushed a final batch to the U.S. before the tariff date, then blocked American orders while it reworked prices. It’s a clear, on-the-record example of front-loading followed by a pause.

At the other end of the spectrum, Swatch Group has been explicit about adjustments. In comments reported by the business press, CEO Nick Hayek said U.S. list prices would rise in a five-to-fifteen-percent range depending on brand and he pointed American customers toward Canada, Mexico, and duty-free channels as alternatives while the company manages where product goes.

Patek raises U.S. prices

Patek Philippe 5235/50R-001. Image Source: Analog Shift

Patek Philippe became the first of the major maisons to make a decisive post-tariff move. On September 15, trade outlets including WatchPro reported a roughly fifteen percent increase for U.S. retail prices. The timing lines up with the mechanics above: pre-tariff stock flowed through August and early September, and new price tags appeared as that cushion thinned.

Rolex’s timing

Image Source: The Watch Club

Rolex already lifted U.S. prices by about three percent on May 1, when the U.S. duty on Swiss goods was still far lower. Since the August jump to 39 percent, there hasn’t been a confirmed additional U.S. MSRP change. That doesn’t make Rolex immune; it reflects the brand’s ability to choose its moment. Rolex controls nearly every step of production in Switzerland—cases and bracelets in Plan-les-Ouates, dials and gem-setting in Chêne-Bourg, movements in Bienne, final casing and quality control in Geneva—with a new site in Bulle under development. Vertical integration can’t erase a border tax, but it does let a company sequence responses more deliberately than smaller, supplier-dependent makers.

Why the effects landed in waves

If you didn’t see prices jump on August 7, the tariff still mattered. The in-transit exception created a short runway for tariff-light inventory to enter the U.S. after the effective date. Brands that front-loaded shipments could sell at old prices for a few weeks, then adjust once those watches cleared. Smaller houses with thinner buffers had to move earlier. It’s the familiar trade-shock cycle: forward-ship, sell through, then raise prices.

Where this leaves buyers

The market isn’t moving in a single step. Patek has already raised prices. Swatch Group has set expectations and is openly steering U.S. demand toward alternative channels. Rolex adjusted in May and, for now, hasn’t announced a second U.S. change tied to the 39 percent rate. The throughline is simple: a tariff this large can be absorbed only for so long. As the last pockets of pre-tariff stock vanish, expect more brands to show their cards—some at the display case, others through quieter shifts in margins, model mix, and distribution.