US and Switzerland Reach Trade Agreement to Reduce Tariffs and Boost Investment
US delegates have agreed to reduce Switzerland's tariffs on Swiss imports from 39% to 15% as part of a broader trade deal. This agreement aligns Switzerland’s tariff level with that of its EU neighbors.
Switzerland plans to invest $200 billion directly in the US by 2028, with approximately one third of that amount expected in 2026. The investment will focus on sectors including pharmaceuticals, Pilatus aircraft, Stadler rail, and gold refining.
Swiss Economics Minister Guy Parmelin described the deal as a relief and cited a White House meeting with business leaders as a decisive factor in reaching the agreement. US Trade Representative Jamieson Greer confirmed the deal, while Helene Budliger Artieda emphasized the hard work involved in negotiations and outlined the investment plans.
The trade package also includes tariff relief on a quota of US meat exports, such as beef, bison, and poultry. It aims to reduce trade barriers and has been linked by negotiators to potential job gains.
During the White House engagement, gifts were exchanged including a Rolex watch and a gold bar from MKS, as well as a Rolex desk clock later seen on former President Trump's desk. A White House official acknowledged these gifts, noting they may become US property and could be taxed unless coming from close relatives.
This accord will become binding only after approval by the Swiss parliament followed by a subsequent referendum.
