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yesterday

EU Pauses Tariff Retaliation While Swiss Leaders Rush to Avert U.S. Duties

Brussels has suspended its countermeasures under a provisional U.S. deal, with Swiss envoys offering LNG purchases and investment pledges to avert a 39% tariff by August 7.

FILE - Swiss federal president Karin Keller-Sutter attends the Informal Meeting of EU Ministers for Economic and Financial Affairs and Central Bank Governors in Warsaw, Poland, on April 11, 2025. (AP Photo/Czarek Sokolowski, File)
The EU's von der Leyen and Trump

Overview

  • Under the provisional U.S.–EU deal of July 27, the United States capped its duties on most European imports at 15%, and the EU has enacted a six-month suspension of planned retaliatory tariffs.
  • Swiss President Karin Keller-Sutter and Economy Minister Guy Parmelin flew to Washington on August 5 to negotiate a temporary reduction of the 39% import duty set to take effect on August 7.
  • Bern’s delegation is proposing increased U.S. liquefied natural gas purchases and a boost in bilateral investment to address American concerns over Switzerland’s $38.9 billion trade surplus.
  • The 39% tariff on Swiss exports, the highest among major trading partners, excludes pharmaceuticals while demanding Swiss drugmakers lower prices under threat of future measures.
  • Beginning August 7, the U.S. will start collecting reciprocal duties on more than 60 trading partners as part of President Trump’s April “Liberation Day” tariff campaign.