Switzerland fights back as Trump’s 39% tariffs threaten trade ties
Swiss officials and CEOs have engaged in talks with the US to discuss trade and investment, following President Trump's imposition of high tariffs on Swiss products. The move, announced on Switzerland's national holiday, has led to a 39% tariff, the highest among developed nations. Switzerland is seeking a reduction in these tariffs.
The discussions began with an in-person meeting between Swiss CEOs, including Alfred Gantner, Jean-Frederic Dufour, Daniel Jaeggi, Johann Rupert, Diego Aponte, and Marwan Shakarchi, and President Trump earlier in the week. This was followed by a video call involving US Trade Representative Jamieson Greer, Swiss Trade Representative Helene Budliger Artieda, and Economy Minister Guy Parmelin.
Switzerland argues that the tariffs are unjustified and incompatible with international trade law, particularly for agricultural products like beef. They have proposed regular contacts between Minister Parmelin and Greer, Seco's involvement, and direct meetings between Swiss entrepreneurs and President Trump to ease the situation. Additionally, Switzerland is exploring economic diversification and using platforms like the World Economic Forum in Davos for diplomatic talks. However, Nick Hayek, CEO of Swatch Group AG, has criticized the CEOs' visit, suggesting Switzerland should retaliate instead.
The tariffs have led to a cut in Switzerland's growth forecast for next year due to potential economic damage. Switzerland continues to push for a reduction in the 39% tariff, with negotiations ongoing between Swiss and US officials.
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