Public finances: Karin Keller-Sutter: 1 – Donald Trump: 0

Donald Trump has renewed his criticism of Switzerland's exceptionally low interest rates, lamenting that the U.S. faces rates significantly higher. The American president pointed out that while the U.S. pays around 3.5%, Switzerland maintains the "lowest interest rates in the world."

This latest jab against the Swiss Confederation is not random, according to the analysis. It reflects a frustration, tinged with jealousy, from the world's most powerful man who cannot achieve what a small democracy of fewer than 10 million people possesses: a high-performing industry and robust public finances.

Financial markets clearly favor Switzerland, offering to lend money to the Confederation at rates approximately ten times cheaper than in the United States. This occurs despite Trump's claims of delivering "good economic figures." However, the world of finance is not easily fooled; markets are penalizing the U.S. for its fiscal slippage, with no clear prospect of recovery.

Switzerland's finance minister, Karin Keller-Sutter, is portrayed as a highly capable steward of public finances. The article contrasts her management with Trump's, noting that while the U.S. Treasury had to intervene to curb rising interest rates, Switzerland anticipates a funding surplus of 800 million francs for 2026, instead of a deficit. Switzerland's debt stands at 16% of its GDP, compared to a staggering 125% for the United States. The piece concludes that Keller-Sutter is a far better financial manager than Trump, marking a small victory for her after being publicly criticized by the U.S. president last year.