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U.S. and Switzerland Seal Framework to Cut Tariffs on Swiss Goods to 15%

The framework ties the tariff cut to Swiss pledges of major U.S. investment.

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

  • Both governments confirmed a deal to lower U.S. duties on most Swiss imports from 39% to 15%, with detailed terms to be posted by the White House and explained at a Swiss news conference.
  • Swiss officials said companies plan about $200 billion in U.S. investment through 2028, and the USTR said some production will move to the United States in pharmaceuticals, gold smelting and railway equipment.
  • The arrangement has been reported to include Liechtenstein and features Swiss tariff cuts on U.S. industrial goods, fish and seafood, and selected non‑sensitive farm products, plus duty‑free quotas for beef, bison and poultry.
  • Officials said implementation timing, carve‑outs and administrative steps will be coordinated, with signals that the new rate could take effect within weeks.
  • The USTR said the deal preserves a tariff tool to address trade imbalances, while Swiss industry and economists say moving from 39% to 15% eases acute pressure on exporters such as watchmaking and machinery after recent export declines and job‑risk warnings.