The U.S. and Switzerland are nearing an agreement to sign a trade deal aimed at lowering the tariffs that President Donald Trump imposed on the country last August. The tariffs, initially set at 39%, are expected to be reduced as part of ongoing negotiations.
President Trump confirmed on Monday that White House officials were “working on a deal to get the tariffs a little lower.” Speaking to reporters in the Oval Office, he said, “I haven’t set any number, but we’re going to be working on something to help Switzerland. We hit Switzerland very hard. But we want Switzerland to remain successful.” He also described Switzerland as a “very good ally.”
According to various media reports citing sources close to the talks, the tariff on Swiss exports could be cut to 15%, which would match the rate currently imposed on EU exports to the U.S. Bloomberg reported that a deal could be finalized within weeks.
A spokesperson from Switzerland’s economy ministry told CNBC, “We are not commenting on the ongoing discussions,” adding that Swiss Economy Minister Guy Parmelin “is in regular contact with the relevant authorities in the U.S., including USTR Jamieson Greer.” CNBC has reached out to the White House for further comment and is awaiting a response.
The 39% tariff has caused significant concern in Switzerland, a country whose key exports include watches, jewelry, machinery, chocolate, electronics, and chemical and pharmaceutical products. Shares of Swiss firms Swatch Group and Richemont traded higher at the market open on Tuesday.
High-profile Swiss businesses have expressed their dissatisfaction with the tariff’s impact. The CEO of Swiss luxury watchmaker Breitling described the duty as “horrible” for Switzerland in an interview with CNBC.
This 39% tariff was among the highest duties President Trump imposed during his extensive implementation of global tariffs this year. The tariffs stemmed from the president’s frustration over trade imbalances with Switzerland and several other countries.
According to the Office of the United States Trade Representative, the U.S. goods trade deficit with Switzerland amounted to $38.5 billion last year. However, the Swiss government maintains that the trade relationship between the two countries is “relatively balanced.”
In a statement released in August (translated by CNBC), the Swiss government explained, “The U.S. has a surplus of services exports, and Switzerland does for goods exports.” It added that Switzerland’s goods surplus is not based on unfair trade practices and emphasized that over 99% of U.S. goods can be imported to Switzerland without tariffs.
As negotiations continue, both sides appear committed to reaching a more balanced trade agreement that supports the longstanding partnership between the U.S. and Switzerland.
https://www.cnbc.com/2025/11/11/us-and-switzerland-working-on-a-deal-to-slash-39percent-tariffs.html
