Nov. 14 (UPI) — The Trump administration has agreed to lower tariffs on Swiss goods imported to the United States, a statement from the Swiss government said Friday.
The agreement drops tariffs on Swiss imports from 39% to 15%. The higher rate went into effect in August after President Donald Trump raised tariffs on dozens of trading partners to correct what he described as a trade imbalance.
The United States had a $38 billion trade deficit with Switzerland in 2024, according to U.S. Commerce Department data cited by CNN.
“Switzerland and the U.S. have successfully found a solution: U.S. tariffs will be reduced to 15%,” the Swiss government said in a post on X.
“Thanks to President Trump @POTUS for the constructive agreement.”
The announcement came after Swiss officials met with U.S. Trade Representative Jamieson Greer. The Swiss government said further details about the agreement would be announced at 4 p.m. CET.
“They’re going to send a lot of manufacturing here to the United States — pharmaceuticals, gold smelting, railway equipment — so we’re really excited about that deal and what it means for American manufacturing,” Greer said in an appearance on CNBC’s Squawk Box.
He said the deal had been in the works since April.
