Hands-OnSwatch 'What If…Tariffs?' A Bioceramic Take On A Watch You Can Only Buy In Switzerland

First up, let's be clear, you can only buy this watch in Switzerland. If you live in Japan, France, or—most certainly—the U.S., you're out of luck unless you travel to Switzerland to get one. When we visited the flagship Swatch boutique on Rue du Marché in Geneva, we picked one up ourselves. It wasn't on display alongside the MoonSwatches, Blancpain × Swatch Fifty Fathoms, and other core models; we had to ask for it specifically, and a sales associate disappeared into the back to retrieve one.

The tariff theme is immediately evident on the red and blue with a white accent box. There's a big '39' on one side of the blue cardboard sheath covering the red carton that contains the watch. Not subtle, to be sure. It's extremely similar to the What If? models we've seen before, but there are a few key differences that make this one unique.

The case is the same 33mm × 33mm square we know from the original What If? model, crafted from the same bioceramic material used for the ubiquitous MoonSwatch. Swatch describes the case and strap color as "beige," though in person, it's a pale shade that is almost white. The integrated strap is lightweight and tapers toward the buckle, giving the watch a retro, 1980s look reminiscent of Swatch's early days.

It's worth noting that the What If? collection takes inspiration from Marvel's What If? comic series, which reimagines familiar characters and storylines through alternate possibilities. Similarly, the What If? watch asks, "What if Swatch's designers had chosen a square case instead of the now-iconic round one for the brand's debut model?" For this particular edition, the question evolves: "What if Swatch had been conceived under the weight of a 39% tariff?"

The satirical, pointed message on the three-hand, time-only royal blue dial is easy to miss. But once you see it, it's difficult to unsee. The 3 and the 9 hour markers have been flipped to express the tariff rate that Swiss manufacturers are facing in the U.S. When you wear this watch, with each time you glance at the matte blue dial, you are reminded of the significant shifts in global trade and economic policy that have upended traditional trade agreements and partnerships. At the same time, the quartz movement powering the watch does its job by telling you the time clearly, as long as you don't read the hour markers too literally.

The unique design of the model line, with its raised (bio) acrylic crystal, provides a side window to view the dial from the crown and the opposite side of the watch, offering a rare glimpse of true transparency from a Swiss industry that's sometimes been criticized for being too opaque. If you're feeling a bit underwater from rising prices, the watch offers 20 meters of water resistance. And if all the changes in global trade and economic policies have left you feeling in the dark, fear not, as the hour and minute hands are lumed to guide the way.

The only other nod to the tariffs is found on the back of the watch with the battery cover. While the original What If? models use the plate to display dials of original Swatch models, the What If...Tariffs? has a big blue percentage sign that reminds one of the ever-shifting rates that importers in the U.S. face, depending on their country of origin. At the moment, U.S. importers of Swiss-made watches are facing a 39% rate on the value of the goods, the highest of any developed Western nation. Meanwhile, products from the European Union and Japan are facing a 15% levy, while products from the U.K. are subject to a 10% tariff on the value of products imported. 

It's a confusing and uncertain situation for everyone involved in the $50 billion industry of making and selling Swiss-made watches to a market that has been the top country for Swiss watch exports since 2021. Exports to the U.S. have fluctuated wildly from month to month since the tariffs were unveiled in April. Brands and manufacturers rushed to ship products to U.S. retailers ahead of changes in tariff rates. At the same time, a majority of brands (including Swatch Group brands) have raised prices to offset some of the costs of the tariffs as well as to account for the continued strength of the Swiss franc against the U.S. dollar and the soaring price of precious metals and gold, which has surged to record highs above $4,000 an ounce. The 'What If...Tariffs?' watch is also priced to reflect the current situation. While the normal model costs about CHF 100, the 'What If...Tariffs?' model retails for exactly CHF 139. That's an unexpected premium for what is essentially a 100 Swiss franc watch. 

The Swatch What If...Tariffs? is 33mm x 33mm solid matte ceramic bioceramic material case in beige. Glass- biosourced edge-to-edge. Thickness 10.5mm. Dial color blue. Other features include luminescent hands, an integrated strap from solid biosourced material, and a biosourced buckle. Price: CHF 139. For more information, click here.