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35m ago

U.S. and Switzerland Announce Deal to Cut Tariffs to 15%

Details will be published today, with relief tied to Swiss manufacturing moves to the U.S.

A Jaeger-LeCoultre SA luxury watch store in Geneva, Switzerland, on Tuesday, Nov. 7, 2023. The Swiss franc has gained about 3% against both the euro and dollar this year a big headwind for companies like Cartier owner Richemont and industrial conglomerate ABB Ltd., which generate the majority of revenues overseas. Photographer: Jose Cendon/Bloomberg via Getty Images
Swiss federal councillor Guy Parmelin, head of the Federal Department of Economic Affairs, Education and Research (EAER) looks on during South Africa's President Cyril Ramaphosa's state visit in Bern, in the House of Parliament (Bundeshaus), Switzerland, October 29, 2025. REUTERS/Denis Balibouse
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Overview

  • Swiss officials and the U.S. Trade Representative said a framework agreement followed talks in Washington, with terms to be posted on the White House website and outlined at a Bern news conference.
  • USTR Jamieson Greer said the pact includes Switzerland shifting production to the United States, naming pharmaceuticals, gold smelting and railway equipment as examples.
  • Greer said the sides had essentially reached a deal, while earlier reporting indicated final implementation steps, including potential presidential sign-off, may still be required.
  • Industry groups and economists said the lower rate would ease pressure on machinery, watchmaking and food exporters, with KOF estimating 7,500–15,000 Swiss jobs were at risk under the 39% rate.
  • Swiss trade data underscored the damage from the tariffs, with exports to the U.S. down about 14% in the three months through September and machine tool shipments falling 43%.