US and Switzerland say deal reached on trade and tariffs
The Swiss vowed to invest US$200 billion in the US, in exchange for Washington lowering the eye-watering 39 per cent duty imposed by Trump
The United States and Switzerland said on Friday that they had reached an agreement to sharply lower tariffs imposed by US President Donald Trump, with the Alpine nation vowing to invest US$200 billion in the US to win over the White House.
The deal was announced a day after talks in Washington, where Swiss economy minister Guy Parmelin visited in hopes of easing steep duties the Trump administration rolled out this year.
Trump shocked Switzerland in August when he slapped an added 39 per cent duty on imports of goods from the country, among the highest in his global tariff blitz.
The latest framework agreement brings this tariff down to 15 per cent for Switzerland and Liechtenstein products, the White House said.
The new rate will serve as a ceiling for goods previously tariffed at lower levels, while goods already facing tariffs above 15 per cent will not be additionally hit – similar to US deals with other key partners.
“We’ve essentially reached a deal with Switzerland,” US Trade Representative Jamieson Greer told CNBC in an interview.