The United States Trade Representative Jamieson Greer announced that the US and Switzerland have reached a “substantial” trade agreement, reducing tariffs on Swiss goods to 15%. The White House plans to release the details on Friday.
Greer stated on CNBC’s program on Friday, “Switzerland may be the next country we have an agreement with. We have essentially reached an agreement with Switzerland. We will be releasing the details on the White House website today.” On Thursday, Greer met with a visiting Swiss delegation in Washington.
The Swiss government confirmed on social media platform X (formerly Twitter): “Switzerland and the United States have successfully found a solution: US tariffs will be reduced to 15%. We thank President Trump for his constructive engagement.”
The Swiss government also mentioned that Economy Minister Guy Parmelin will hold a press conference at 4 pm local time in Bern to announce further details.
Greer told reporters that tariffs on products from Switzerland will decrease from 39% to 15%, and Switzerland has committed to investing $200 billion in the United States.
He added, “Switzerland will bring a significant amount of manufacturing to the US, including pharmaceuticals, gold refining, railway equipment, and more. We are very excited about this deal and its implications for the US manufacturing sector.”
Greer also revealed that Switzerland has pledged to purchase more aircraft from Boeing.
After discussions on tariffs and the Swiss trade surplus with the US, Economy Minister Parmelin and Greer returned to Switzerland on Friday. Parmelin stated, “We have almost cleared up all issues.”
An unnamed Swiss source mentioned to Reuters after the talks on Thursday that the Swiss-US agreement has been substantially reached.
Chairman of Richemont, Johann Rupert, along with executives from MSC, Rolex, Partners Group, Mercuria, and MKS, met with President Trump last week to discuss the impact of tariffs. Swiss media reported that the meeting could help ease relations with Washington. President Trump also mentioned earlier in the week that he is working on an agreement to lower tariffs on Swiss goods.
Rupert mentioned during a financial conference on Friday that the agreement might take several months to finalize. “It depends on President Trump; he is a very busy man. Our situation in Switzerland is one of the things he has to deal with.”
Swissmem, the Swiss mechanical and electrical engineering industries association, reported on Friday that Swiss exports to the US dropped by 14% in the three months ending in September, with machine tool manufacturers experiencing a sharp 43% decline in shipments.
Rupert stated that the potential move to lower tariffs to 15% could stabilize the Swiss economy and prevent unemployment caused by high tariffs. “This doesn’t just affect us,” he added, “it could be devastating for all of Switzerland.”
A senior US official told Reuters on Thursday that the talks were “very positive,” and if President Trump accepts the proposed terms, US tariffs could be reduced.
(Adapted from Bloomberg reports)