Swiss Negotiators Head to Washington for Final Round of Tariff Talks with the U.S.

Switzerland’s Economy Minister Guy Parmelin has departed for Washington, D.C., to hold trade talks with U.S. Trade Representative Jamieson Greer, the Swiss government confirmed on Thursday. The discussions mark a decisive stage in negotiations aimed at reducing the 39% import tariffs imposed by former President Donald Trump in August.

According to sources cited by Reuters, an agreement to lower tariffs to around 15% is nearly finalized, pending final approval from Trump.

Parmelin, accompanied by Helene Budliger-Artieda, head of Switzerland’s State Secretariat for Economic Affairs (SECO), appeared “quite optimistic” while boarding the government aircraft for Washington, broadcaster SRF reported.

The Swiss government has not disclosed further details about the ongoing negotiations, but Parmelin described a video call held last Friday with Greer as “very constructive.”

Trump, meanwhile, told reporters earlier this week that he was “working on a deal to help Switzerland,” though he did not specify any figures. “We’re going to do something good for them,” he said.

Hans Gersbach, Director of the KOF Economic Institute at ETH Zurich, said a cut from 39% to 15% would be a “ray of hope” for Swiss manufacturers, particularly in machinery, precision instruments, watchmaking, and food processing—sectors heavily dependent on U.S. exports.

KOF estimates that maintaining tariffs at 39% could put 7,500 to 15,000 full-time Swiss jobs at risk. Gersbach added that a lower rate would eliminate that threat and could push Switzerland’s economic growth forecast for 2026—currently projected at 0.9%—back above 1%.

“This would be a relief for the entire Swiss economy,” he said.