Swatch Group CEO, Nick Hayek, has expressed concern over the increasing value of the Swiss franc, which has risen to 11-year highs against the euro and continues to appreciate against the dollar, making Swiss products more expensive abroad and decreasing manufacturers' profit margins. Hayek accused the Swiss National Bank of not responding to the appreciation for fear of being labelled a currency manipulator by Washington. He warned that smaller manufacturers could be forced to move production abroad or shut down. Additionally, Watch ​Group is seeking reimbursement for U.S. customs duties paid under tariffs, potentially amounting to tens of millions.