Overview
- Sources say a framework to reduce the U.S. duty to roughly 15% is close, with a deal possible as soon as Thursday or Friday or early next week, pending President Trump’s approval.
- Trump acknowledged the effort, saying the administration is working to help Switzerland but that he has not set a number.
- A White House meeting last week with Swiss billionaires and executives helped spur intensified talks led by USTR Jamieson Greer and Swiss Economy Minister Guy Parmelin’s team.
- A 15% rate would align with the EU level and ease pressures tied to the 39% levy, which Swiss authorities say has contributed to a likely third‑quarter contraction and a deteriorating outlook.
- Reports of progress lifted Richemont and Swatch shares, while both governments declined to provide details and cautioned that no agreement has been finalized.