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3h ago

U.S., Switzerland Report Progress Toward Cutting 39% Tariffs

Any change still awaits President Trump's approval.

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
Switzerland was hit with a 39-percent tariff rate
Guy Parmelin is on his third trip to Washington since Switzerland was slapped with a 39-percent tariff rate

Overview

  • Economy Minister Guy Parmelin met U.S. Trade Representative Jamieson Greer in Washington on Thursday, with both sides describing the talks as very positive.
  • Officials and sources say a framework is close that would lower the 39% duties to roughly 15%, contingent on final sign-off from President Trump.
  • A senior U.S. official said Washington expects Swiss steps to reduce the U.S. trade deficit, including cuts to Swiss tariffs and non-tariff barriers and increased U.S. investment by Swiss firms.
  • Industry pressure has intensified, with chiefs from Rolex and Richemont recently appealing directly to Trump over the toll on Swiss exporters.
  • KOF estimates the current rate threatens 7,500 to 15,000 Swiss jobs, heavily affecting machinery, precision instruments, watchmaking and food sectors.