Zurich, Switzerland – November 14, 2025 – Details of a potential trade deal between Switzerland and the United States aimed at reducing crippling tariffs on Swiss exports could be announced as soon as Friday, although full implementation may take months, according to Richemont Chairman Johann Rupert.

The proposed deal seeks to address the 39% U.S. tariffs that have significantly impacted Swiss exports, particularly in the luxury goods and machinery sectors. Rupert, who traveled to Washington last week as part of a delegation of Swiss business leaders, described the tariffs as stemming from a “misunderstanding” between Bern and Washington, which he expects to be resolved swiftly.

Talks Between Swiss and U.S. Officials

Swiss Economy Minister Guy Parmelin returned to Switzerland on Friday following discussions with U.S. Trade Representative Jamieson Greer in Washington. While Parmelin did not provide detailed information on the talks, he confirmed that almost all issues had been clarified and that further communication would follow once the details are finalized.

A senior Swiss source indicated that a preliminary agreement had effectively been reached, with Switzerland hoping for a reduction of U.S. tariffs to 15%. U.S. officials described the discussions as “very positive,” suggesting that a formal reduction could proceed if President Donald Trump accepts the proposed terms.

Business Delegation Engages with Trump Administration

The Swiss delegation included executives from Richemont, MSC, Rolex, Partners Group, Mercuria, and MKS, with Rupert personally meeting President Trump to discuss the economic impact of the tariffs. These high-level meetings have reportedly helped thaw trade tensions between the two nations, and Trump has indicated his willingness to work on a deal to lower tariffs on Swiss goods.

Rupert cautioned that while details could emerge soon, it might still take months before a formal trade agreement is signed due to the president’s busy schedule.

Economic Implications for Switzerland

The tariffs have already had a noticeable effect on Swiss exports. Industry data showed a 14% decline in exports to the U.S. during the three months ending September, according to the technology industry association Swissmem. Swiss machinery exports were particularly hard hit, with a 43% slump in shipments.

A potential reduction of tariffs to 15% is expected to stabilize the Swiss economy, protect jobs, and mitigate the broader impact on Swiss businesses. Rupert emphasized that the economic consequences extend beyond individual companies: “It’s not only us. It’s potentially devastating for the whole of Switzerland.”

Outlook for Swiss-U.S. Trade Relations

While the deal promises relief for Swiss exporters, full ratification could take several months. The agreement would signal a significant improvement in Swiss-American trade relations, potentially paving the way for more balanced commerce and stronger economic ties.

Swiss industries, particularly in luxury goods, machinery, and technology, are closely monitoring developments. A successful agreement would not only lower tariffs but also help Switzerland maintain its competitive edge in the U.S. market, supporting jobs and long-term economic growth.