Overview
- Washington and Bern announced an agreement in principle to cut U.S. tariffs on Swiss imports from 39% to 15% in exchange for a pledge of $200 billion in private Swiss investment in the United States by 2028.
- The White House issued a decree exempting more than 200 food and agricultural products from earlier tariffs, including coffee, bananas, tomatoes, beef, tea, cocoa, spices, fruit juices and some fertilizers.
- Swiss officials said the new 15% rate would match European Union treatment, offering relief to watchmaking, machinery and tech exporters after sharp drops in U.S. sales in recent months.
- Both governments described the Swiss package as a framework that still requires U.S. administrative action and Swiss domestic approvals, with several operational details yet to be settled.
- The administration framed the food exemptions as a response to elevated grocery prices and limited U.S. production of certain goods, while talks with Latin American countries on market access continue under new framework arrangements.