The U.S. and Switzerland have reached a trade deal that will see the U.S. lower tariffs on Swiss imports to 15%. In August, President Trump imposed a 39% tariff rate on Switzerland, the highest of any developed nation.
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“We’ve essentially reached a deal with Switzerland,” said U.S. Trade Representative Jamieson Greer in an interview with CNBC. “So we’ll post details of that today on the White House website.”
Switzerland to Invest $200 Billion in U.S.
As part of the deal, Switzerland will commit to investing $200 billion in the U.S. during Trump’s term, which ends in 2029. The U.S. is set to receive $70 billion next year, with the proceeds benefiting industries where Switzerland has a trade surplus with the U.S., such as pharmaceuticals and gold smelting. Last year, the U.S. had a $38.3 billion goods trade deficit with Switzerland, up by 56.1% year-over-year.
The agreement comes after a group of Swiss business leaders, including Rolex CEO Jean-Frederic Dufour and Richemont (CFRUY) Chairman Johann Rupert, met with Trump in the Oval Office earlier this month.
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