Switzerland and U.S. strike tariff deal, slashing duties on key exports
Switzerland and the U.S. have reached a tariff agreement, reducing duties on Swiss exports to 15%, a significant drop from the previous 39%. Swiss Health Minister Elisabeth Baume-Schneider hailed this as a positive outcome, despite concerns over parallel diplomacy by Swiss corporate leaders.
The agreement covers key Swiss sectors like high technology, watches, and machinery. In exchange, Switzerland will lower tariffs on various U.S. products, including beef, bison meat, and poultry. The duration of this deal depends on U.S. court rulings. Baume-Schneider stressed that political decisions remain with the Federal Council, Parliament, and the Swiss people.
The Swiss corporate leaders had lobbied U.S. President Donald Trump, presenting him with gold gifts, which raised eyebrows due to their informality. Baume-Schneider acknowledged job protection concerns but distanced herself from this parallel diplomacy.
The new tariff rate aligns with duties on EU products, benefiting Swiss exporters. However, the agreement's future depends on U.S. courts. While Swiss corporate leaders pushed for this deal, the Swiss government maintains that political decisions rest with the country's institutions.
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