Editor's Note: S&P Global Ratings believes there is a high degree of unpredictability around policy implementation by the U.S. administration and possible responses--specifically with regard to tariffs--and the potential effect on economies, supply chains, and credit conditions around the world. As a result, our baseline forecasts carry a significant amount of uncertainty. As situations evolve, we will gauge the macro and credit materiality of potential and actual policy shifts and reassess our guidance accordingly (see our research here: spglobal.com/ratings). Concentration in pharmaceuticals exposes the Canton of Basel-City to new U.S. tariffs and global trade frictions, but a skilled workforce, innovation capacity, and flexible fiscal policy are expected to cushion potential short-term shocks. Despite a robust operating balance, we expect infrastructure
