Switzerland May Win Relief from U.S. Tariffs
Switzerland could be nearing a respite from the 39% tariffs imposed by the United States on Swiss imports, according to a report by newspaper Blick. The potential breakthrough comes after a delegation of Swiss business leaders met with U.S. President Donald Trump, helping to thaw trade tensions between the two nations.
A letter of intent to resolve the trade impasse is expected in the coming weeks, ahead of a formal deal that may be announced at the World Economic Forum in Davos in January 2026.
Potential Agreement Mirrors EU-U.S. Tariff Deal
If negotiations proceed as planned, the Swiss plan could set U.S. import duties at levels comparable to the 15% tariffs previously agreed with the European Union. This would significantly reduce costs for Swiss exporters and strengthen bilateral trade relations.
Swiss President Guy Parmelin, who also serves as the economy minister, is expected to present the agreement alongside President Trump, highlighting a coordinated diplomatic and business approach to trade negotiations.
Swiss Delegation and Business Initiatives
The Swiss delegation included executives from major companies such as MSC, Rolex, Partners Group, Mercuria, Richemont, and MKS. The visit was described as a private initiative supported by the Swiss Economic Affairs Ministry, but independent of official government negotiations.
During the meeting, the delegation presented Trump with symbolic gifts, including a Rolex watch for his presidential library and a specially engraved gold bar, demonstrating goodwill and fostering stronger business ties.
Proposed Measures to Improve Trade Balance
Swiss business leaders outlined a range of proposals aimed at reducing the U.S.-Switzerland trade deficit over the next five to seven years. Key initiatives included:
- Relocating gold smelting operations to the U.S. within 12 to 24 months
- Promoting infrastructure projects in the U.S.
- Expanding pharmaceutical investments
- Increasing Swiss purchases of American aircraft
These proposals reflect Switzerland’s strategic approach to bilateral trade cooperation, combining investment, industrial relocation, and market expansion.
U.S. Response and Ongoing Negotiations
President Trump reportedly showed goodwill toward the proposals, signaling a willingness to collaborate on reducing trade barriers. Meanwhile, U.S. Trade Representative Jamieson Greer held constructive discussions with Parmelin and Helene Budliger-Artieda from Switzerland’s State Secretariat for Economic Affairs (SECO), reinforcing the government-to-government negotiation track.
The Swiss Economic Affairs Ministry emphasized that formal negotiations remain the responsibility of the Federal Council, with continuous contact maintained with U.S. authorities to ensure a coordinated approach.
Outlook: Positive Signs for Swiss-U.S. Trade Relations
The visit by Swiss business leaders marks a notable step toward easing U.S. tariffs and enhancing economic cooperation. If successful, the proposed measures could lead to:
- Lower tariffs on Swiss exports to the U.S.
- Increased bilateral investments and infrastructure projects
- Long-term reduction in the U.S.-Switzerland trade deficit
- Stronger collaboration in industries including pharmaceuticals, aviation, and precious metals
Analysts view this development as a positive signal for Swiss businesses operating in the U.S. and a potential model for resolving other international trade disputes.
Key Takeaways
- Switzerland may secure relief from 39% U.S. tariffs following a business delegation’s visit.
- A letter of intent is expected in the coming weeks, with a formal deal possible at Davos 2026.
- Swiss President Guy Parmelin and President Trump could announce tariffs similar to the EU-U.S. agreement.
- Swiss business leaders proposed gold smelting relocation, infrastructure projects, pharmaceutical investments, and aircraft purchases.
- Talks with U.S. Trade Representative Jamieson Greer described as very constructive, signaling progress in official negotiations.
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