In a rush to beat American President Donald Trump’s tariffs, Swiss watch brands exported almost two months’ worth of inventory to the United States in April, according to the Federation of the Swiss Watch Industry (FH), the trade body that publishes export statistics widely regarded as a proxy for the overall luxury watch business.

Exports to the United States were up over 150% to CHF852 million, more than double the CHF405 million in March. For comparison, the next-largest export destination in April was Japan, with the corresponding figure a mere CHF176 million.

Currently, Swiss imports to the US are subject to a 10% blanket tariff, however 31% tariff will be levied on Swiss imports after July 9, assuming nothing changes between then and now. Consumer confidence in the United States, while battered, is showing signs of recovery too, increasing for the first time in five months as measured by economic research institute The Conference Board.

For several years now, the stalwart American market has buoyed Swiss watch exports, while demand in China and Hong Kong continue to slide, with April exports to the respective markets down 30.5% and 22.8%. Having started almost a decade ago after the start of an anti-corruption campaign, China’s luxury slowdown isn’t limited to watches, and is unlikely to reverse anytime soon.

While some brands can shift inventory to other markets, others are already buying back inventory and cutting production. While less dramatic than in China, drawdowns continue across the rest of Asia – down 9.2% in Singapore – with the exception of Japan, which continues to see modest growth.