Bern, Switzerland – Switzerland has denied accusations that its newly announced tariff framework with the United States represents a concession or “surrender” in the ongoing trade tensions. Swiss Economy Minister Guy Parmelin said on Sunday that the agreement was a strategic move, not a compromise of national interests, and emphasized that the country had not “sold its soul to the devil.”

The non-binding framework, unveiled last Friday, proposes a significant reduction in U.S. import tariffs on Swiss goods—from 39% down to 15%—in exchange for $200 billion in planned Swiss investment in the United States.

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Parmelin Defends the Agreement

In an interview with the Tagesanzeiger newspaper, Parmelin stressed the positive implications of the agreement for Swiss industry:

“We haven’t sold our soul to the devil. We are satisfied with this framework,” he said. Parmelin added that Swiss companies had already been exploring expanded U.S. production capacities prior to the Trump administration, and the deal merely facilitates ongoing investment initiatives.

Swiss industrial groups, including leading names in luxury goods and manufacturing, have welcomed the agreement, noting that it places Switzerland on a similar footing as European Union countries, which have secured comparable deals with Washington.

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Opposition Criticism and Transparency Concerns

Despite the government’s endorsement, opposition parties have voiced caution over the arrangement. Critics question whether concessions were made at the expense of Swiss farmers and consumers and have called for greater transparency during the negotiations.

Executives from Swiss multinational companies, including watchmaker Rolex and luxury goods group Richemont, reportedly lobbied U.S. officials to secure tariff relief, raising concerns among some parliamentarians about the influence of corporate interests.

The Swiss Greens described the deal as a “surrender agreement,” arguing that it favors U.S. trade priorities over domestic needs, while the Social Democrats cautiously welcomed the framework.

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Next Steps for the Agreement

Although the lower tariff rate is expected to be implemented within days or weeks, the agreement is non-binding, and further negotiations will be necessary. A final deal must be approved by the Swiss parliament, and could even be subject to a public referendum, giving Swiss citizens a direct voice in ratifying the framework.

Under the proposed arrangement, Switzerland will also reduce import duties on various U.S. agricultural and industrial products, ensuring mutual trade benefits.

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Implications for Swiss-U.S. Trade

• Reduction of U.S. tariffs on Swiss goods from 39% to 15%
• Commitment to $200 billion in Swiss investments in the U.S.
• Switzerland gains parity with EU trade agreements with Washington
• Domestic debate continues over farmer and consumer impacts
• Non-binding framework requires parliamentary approval and possible referendum