Swatch Group AG shares jumped after Chief Executive Officer Nick Hayek soothed investor nerves over the impact of Donald Trump ’s tariffs on the watchmaker’s US business.

Hayek told investors on a call that the US watch market remains strong and that Swatch has raised prices and built up inventories to help cushion the impact of the 39% US levy on Swiss exports, Citigroup Inc. analyst Thomas Chauvet said in a note.

Swatch declined to comment on the CEO’s remarks on the call, which was held with analysts and investors.

The company, whose watch brands include Omega and Tissot , rose as much as 6.8% in Swiss trading Wednesday. Rivals Richemont , Kering SA, Watches of Switzerland Group Plc and LVMH also gained on the news.

Swatch shares have been targeted by short sellers

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