Swiss watch exports went into a tailspin in August, after surging in July in response to tariffs imposed by the United States. Shipments of timepieces to the US plummeted by almost a quarter, following a 45% jump in July. +Get the most important news from Switzerland in your inbox Overall, Swiss watch exports fell by 16.5% in monthly terms to CHF1.64 billion ($2.08 billion), according to statistics published on Thursday by the Federation of the Swiss Watch Industry. Over the first eight months of the year, the drop was 1%. Customs duties of 39% on Swiss products imported into the United States came into force on August 7. In anticipation of their introduction, watch brands experienced a surge in demand in July in the US. But in August, shipments to this market plummeted by 24%, to CHF245.1 million. The United States remains the sector’s main market, with a share of around 15%. This is by far the sharpest decline suffered by any market in August. Hong Kong and China continue to …