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US–Switzerland Trade Deal Cuts Tariffs to 15%, Easing Pressure on Key Swiss Exports
Under a new trade agreement, the US will reduce tariffs on Swiss goods from 39% to 15%, easing strain on exporters and stabilizing Switzerland’s industrial sector. Swiss officials say negotiations were “largely resolved,” with final details expected soon.
Switzerland to Benefit from 15% Tariff Reduction Under New US Trade Deal
The Swiss government announced on Friday that, under a new trade agreement, the United States will reduce tariffs on Swiss goods from 39% to 15%.
The announcement came shortly after US Trade Representative Jamieson Greer said both countries had reached an agreement, with further details expected later on Friday. According to the Swiss government, specifics will be released at 1600 GMT (11 a.m. Eastern Time).
Johann Rupert, chairman of Richemont—who met President Donald Trump at the White House last week as part of a Swiss trade delegation—said earlier that he believed the punitive tariffs imposed by Washington were the result of a “misunderstanding” that would soon be resolved.
“Switzerland and the US are similar—independent, wary of big government—so I think this misunderstanding will be cleared up this week,” Rupert told reporters after Richemont published its latest results. “Based on what I’ve gathered, we should hear more today.”
Talks ‘Very Positive’
Swiss Economy Minister Guy Parmelin returned from Washington on Friday after talks with Greer, saying, “We have clarified almost everything.” He declined to give further details but confirmed that additional discussions would take place once all remaining elements were fully settled.
The Swiss government did not release any new information on Friday, but a Swiss source, speaking on condition of anonymity, said an agreement was effectively reached after Thursday’s meeting. A senior US official described the talks as “very positive.”
Rupert met Trump last week to discuss the impact of the tariffs, alongside executives from MSC, Rolex, Partners Group, Mercuria, and MKS. According to Swiss media, the meeting helped ease tensions, and Trump said earlier this week that he was working on a deal to reduce tariffs on Swiss imports.
Rupert cautioned that the agreement could still take months to finalize. “It depends on President Trump, who is a very busy man,” he said. “Switzerland’s case is one of the many matters he has to handle.”
Swiss Exports Hit Hard
Industry association Swissmem reported on Friday that Swiss exports to the United States fell by 14% in the three months to the end of September, while machine tool manufacturers saw a 43% decline.
Rupert said the potential tariff reduction to 15% would help stabilize the Swiss economy and prevent job losses caused by the higher duties. “This isn’t just about us—it could be devastating for Switzerland as a whole,” he added.
