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EU Halts Retaliation; Switzerland Dispatches Envoys Ahead of Trump Tariffs

Brussels has suspended its countermeasures under a deal capping U.S. duties at 15%.

Drapeau suisse flottant sur le lac de Lucerne, le 5 juin 2015
La présidente de la Suisse Karin Keller-Sutter, à la sorie d'une conférence de presse après une rencontre avec des responsables américaines sur les droits de douane, à Genève le 3 mai 2025
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Overview

  • U.S. Trade Representative Jamieson Greer told CBS that the new tariffs are “quasiment définitifs” and will take effect on August 7, leaving little room for immediate renegotiation.
  • Swiss President Karin Keller-Sutter and Economy Minister Guy Parmelin flew to Washington Tuesday to negotiate reduced rates on the 39% duties targeting Swiss exports.
  • President Trump warned he will substantially increase tariffs on Indian exports within 24 hours in response to India’s support for Russia.
  • A federal appeals court in Washington is reviewing a challenge by small businesses and 12 Democratic-led states to the administration’s use of IEEPA authority to impose the global tariffs.
  • Brazil is witnessing pro-Bolsonaro demonstrations against the incoming 50% surcharge, and South African President Cyril Ramaphosa labeled the looming 30% duties “very punitive” as he announced support measures for affected exporters.