Home / Business and Economy / Swiss Businesses Break Tariff Deadlock with US in Surprise Talks
Swiss Businesses Break Tariff Deadlock with US in Surprise Talks
11 Nov
Summary
- Swiss companies, including Rolex and Richemont, meet Trump to discuss trade
- Switzerland closing in on 15% tariff rate, down from 39% imposed in August
- Swiss government shifts strategy, letting companies take lead in negotiations
In a surprising turn of events, Swiss businesses have taken the lead in negotiations to cut the punishing US tariffs on their exports. According to the article, companies from Rolex to Richemont have directly engaged with the Trump administration, moving from the sidelines to drive the talks forward.
After months of frustration and little progress, the Swiss government has shifted its strategy, allowing the private sector to take the lead. This shift has paid off, as Switzerland is now closing in on a 15% tariff rate, matching the EU's exports to the US. This is a significant improvement from the 39% tariffs imposed on Swiss goods in August, which were the highest levies faced by any developed economy.
The article notes that the Swiss side emphasized the robust economic collaboration and relationship between the two countries during a recent White House meeting. Trump himself acknowledged the ongoing negotiations, saying Washington is "working on a deal to get the tariffs a little lower" on Switzerland. With the new US ambassador to Switzerland also expected to inject momentum, a deal could potentially be announced as early as January 2026 at the World Economic Forum in Davos.
