U.S. and Switzerland Strike Tentative Deal to Cut Trump Tariffs to 15%

Overview

• U.S. Trade Representative Jamieson Greer said the White House will publish details today, with the 15% level incorporating MFN rates and other charges similar to the EU framework.
• Switzerland agreed to invest US$200 billion in the U.S. during Trump’s term, including US$70 billion next year, with focus areas such as pharmaceuticals and gold refining.
• Greer said Switzerland will also buy more Boeing commercial jets as part of the understanding.
• The administration will unveil tariff exemptions aimed at lowering food costs by lifting duties on items not sufficiently produced domestically, citing coffee, cocoa, and bananas.
• U.S. officials announced preliminary deals with Argentina, Guatemala, El Salvador, and Ecuador to cut tariffs on citrus, beef, and coffee, while talks on Brazil’s 50% coffee levy continue with Brazilian producers hoping for a reduction still under negotiation.