The United States has agreed to reduce tariffs on Swiss imports from 39% to 15% under a new trade pact, easing economic tensions that had strained bilateral ties. The Swiss government announced the signing of a non-binding memorandum of understanding after talks in Washington, following intense lobbying by Swiss firms.
Critics, including US Senator Elizabeth Warren, accused President Donald Trump of prioritising corporate interests over struggling Americans. Warren said: “While prices for American families are going way up because of Trump’s chaotic tariffs, it’s the billionaires and giant corporations cozying up to Trump that get relief.” The White House dismissed the criticism as “asinine conspiracy theories”.
Earlier this month, leading Swiss executives met Trump at the White House. Rolex, the luxury watchmaker, hosted Trump and officials at the US Open in September, where the president was reportedly given a golden table clock. Rolex CEO Jean-Frédéric Dufour denied any tariff negotiations, saying Trump’s jest about whether he would have been invited without the tariffs “brought a round of laughter”. Another firm reportedly donated an engraved gold bar.
The deal limits US tariffs on Switzerland and Liechtenstein to a maximum of 15%, matching the rate applied to the European Union. In return, Switzerland will reduce tariffs on a range of US industrial products, fish, seafood, and agricultural goods deemed non-sensitive. It will also grant duty-free import quotas for US beef, bison, and poultry.
The US trade representative, Jamieson Greer, confirmed the breakthrough, calling it “exciting” for American manufacturing. The Swiss government noted that companies in the country plan to invest $200bn in the US by the end of 2028. However, precise implementation dates for the new tariffs and quotas have yet to be finalised.
