U.S. and Switzerland working on a deal to slash 39% tariffs
US President Donald Trump watches the swearing-in ceremony of US Ambassador to India Sergio Gor in the Oval Office of the White House in Washington DC on November 10, 2025.
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The United States and Switzerland are nearing a trade deal aimed at reducing the 39 percent tariffs President Donald Trump imposed on the country in August.
The president confirmed Monday that White House officials are “working on a deal to lower the tariffs even further.”
“I haven’t set any figures, but we will work on something to help Switzerland,” he told reporters in the Oval Office.
“We hit Switzerland very hard. But we want Switzerland to remain successful,” he added, saying the country was “a very good ally.”
According to various media reports citing sources close to the negotiations, the tariff on Swiss exports could be reduced to 15%, matching the rate applied to EU exports to the US. Bloomberg reported that the deal could be finalized within a few weeks.
“We do not comment on ongoing discussions,” a spokesperson for the Swiss economy ministry told CNBC, adding that Swiss Economy Minister Guy Parmelin “is in regular contact with relevant officials in the United States, including USTR Jamieson Greer.”
CNBC has contacted the White House for further comment and is awaiting a response.
The mandate was met with surprise in Switzerland, whose main exports include watches, jewellery, machinery, chocolate, electronics, chemicals and pharmaceuticals. Shares of Swiss companies Swatch Group And richemont It traded higher at the market open on Tuesday.
High-profile Swiss businesses have been outspoken about the damage caused by the tariff, with the CEO of Swiss luxury watchmaker Breitling telling CNBC that the tax is “terrible” for Switzerland.
The 39 percent tariffs are among the highest Trump has imposed as part of global tariffs this year, while the president has been angered by trade imbalances with Switzerland and many other countries.
According to the Office of the United States Trade Representative, the US goods trade deficit with Switzerland is Reached 38.5 billion dollars last year. swiss government in question According to CNBC’s translation, the trade relationship between the two is “relatively balanced.”
“The United States has a surplus in services exports, Switzerland has a surplus in goods exports,” the government said in August, adding that the goods surplus was not due to unfair trade practices and that more than 99% of U.S. goods could be imported into Switzerland without being subject to tariffs.
