The United States will reduce tariffs on Swiss goods to 15% from the current 39%, the Swiss government announced on Thursday, following a framework trade agreement between the two countries.
The announcement comes after US Trade Representative Jamieson Greer confirmed that a deal had been reached, though he said full details would be shared later. Swiss officials described the outcome as a step toward resolving a trade dispute that has affected multiple industries.
Swiss Economy Minister Guy Parmelin, who met with Greer in Washington this week, returned home stating that “virtually everything” had been clarified during the talks. Parmelin did not provide further specifics but indicated that further communication would follow once the agreement is finalized. A Swiss government source said the deal had effectively been reached, while a senior US official described the discussions as “very positive.”
The talks followed a meeting last week at the White House between President Donald Trump and a delegation of Swiss business executives, including Richemont Chair Johann Rupert, as well as representatives from MSC, Rolex, Partners Group, Mercuria, and MKS. Rupert described the punitive tariffs imposed by Washington as the result of a “misunderstanding” and expressed confidence that the issue would be resolved quickly.
Rupert noted that while the agreement marks progress, it could take months before it is formally signed, depending on President Trump’s schedule. He described the reduction in tariffs as crucial for stabilizing the Swiss economy and preventing job losses across multiple sectors.
Swiss industries have faced significant setbacks due to the high tariffs. Technology exports to the US fell 14% in the three months ending in September, according to Swissmem, the country’s technology industry association. Machine tool makers saw shipments slump by 43%, highlighting the widespread impact of the trade dispute.
Reducing tariffs to 15% is expected to mitigate these losses and provide relief to businesses struggling under the previous 39% duty. Rupert emphasized that the economic consequences of the high tariffs extended beyond individual companies, describing them as “potentially devastating for the whole of Switzerland.”
The framework agreement signals an effort to strengthen Swiss-US trade relations and restore stability after months of tension. Both sides indicated that the deal reflects shared interests and a willingness to resolve the dispute amicably.
While Swiss officials and business leaders welcomed the announcement, they cautioned that final implementation would take time, and further negotiations may be needed to finalize all aspects of the agreement.
