U.S. and Switzerland move toward tariff deal as Trump signals rate cut.
ICYMI, news from Monday US time.
The United States and Switzerland are negotiating a deal to reduce the 39% tariff Washington imposed on Swiss imports in August, President Donald Trump confirmed Monday, saying discussions were progressing but that he had “not yet set any number.”
Speaking in the Oval Office, Trump said the administration was “working on something to help Switzerland,” acknowledging that the U.S. had hit the Alpine nation hard but describing it as “a good ally” whose success Washington wanted to support.
The Swiss government declined to comment on the talks after a Bloomberg report suggested a deal could be reached within two weeks, potentially cutting the tariff rate to around 15%.
- talks are ongoing and we do not comment further said a spokesperson for the Swiss Department of Economic Affairs
The 39% tariff, among the highest introduced under Trump’s global trade overhaul, has weighed heavily on Swiss exporters, particularly in luxury watches, machine tools, and chocolate, for which the United States is one of Switzerland’s largest markets. A rate reduction would ease pressure on these key industries and could mark one of the most significant tariff rollbacks since the administration began reworking trade relationships in 2024.
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A U.S.-Swiss tariff deal would ease strain on Switzerland’s key export sectors and signal potential softening in Trump’s broader trade stance, supporting sentiment across European industrial and luxury markets. CHF supportive.
