Switzerland secures deal to slash Trump tariffs on key exports

A hard-fought trade victory for Switzerland—but at what cost? The deal slashes tariffs but sparks debate over sovereignty and economic leverage.

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2025 November 16 . 5:39 AM

1 min read

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Switzerland secures deal to slash Trump tariffs on key exports

Switzerland has reached a deal with the U.S. to reduce Trump tariffs on Swiss exports, potentially boosting the Swiss economy. The agreement, however, faces scrutiny over its fine print and the concessions made by Switzerland, which could impact the country's sovereignty.

Initially, Trump's 39 percent tariffs affected only 4 percent of Swiss exports. Key sectors like pharmaceuticals and gold bore the brunt. Now, Switzerland is set to have these tariffs reduced to the same 15 percent duty paid by European competitors.

The Swiss economy, heavily reliant on exports and known for its diversity, will no longer face a disadvantage in the U.S. market. Companies like Swatch Group, led by CEO Nick Hayek, have adapted to tariff situations, raising prices and even turning the situation into a PR opportunity with the 'tariff watch'.

Hayek, a vocal critic of the Swiss government's negotiating position, pushed for stronger countermeasures. He advocated using Switzerland's economic strength and investments in the U.S. as leverage during negotiations. Despite his criticism, shares in Swatch Group surged upon rumors of the accord.

The U.S.-Switzerland tariff agreement promises to ease trade for Swiss companies, but the true benefits and potential loss of sovereignty remain to be seen. Switzerland's resilient economy, proven in past crises, will likely navigate these changes effectively.