Switzerland could secure a deal with the United States this week to slash tariffs from 39% to 15%, pending President Trump’s final approval. The agreement, which may be finalized as soon as Thursday or Friday according to Reuters sources, would provide massive relief to Swiss exporters hit by punishing duties since August.
Trump confirmed negotiations Monday, telling reporters in the Oval Office: “We’re working on a deal to get the tariffs a little bit lower. I haven’t set any number, but we’re going to be working on something to help Switzerland along.” The president emphasized he wants “Switzerland to remain successful,” calling the country a “very good ally.”
The 39% tariff, imposed August 1 on Switzerland’s national holiday, targeted key exports including watches, jewelry, machinery, chocolate, electronics, and pharmaceuticals. It was among the highest duties Trump levied, linked to a perceived $38.5 billion U.S. goods trade deficit. Swiss officials argued the relationship was balanced when counting services, where the U.S. runs a surplus.
Swiss business leaders, including billionaires and corporate executives, recently met Trump to push for relief. The meeting went so well that Trump ordered Trade Representative Jamieson Greer to accelerate direct negotiations, which intensified Friday. Swiss trade diplomat Helene Budliger Artieda has conducted weeks of shuttle diplomacy in Washington.
A 15% rate would match the EU’s tariff and mark a vast improvement over the current levy. Swiss watchmakers Swatch Group and Richemont saw shares rise on the news. Switzerland’s economy contracted in Q3, unemployment hit a four-year high, and the central bank warned the outlook deteriorated due to tariffs, creating urgency for a deal.
The agreement requires Trump’s sign-off, though he has not committed to the specific 15% figure. Sources caution talks could still unravel, as happened in late July when negotiations collapsed before the August tariff bombshell. Swiss officials believed they had a better deal negotiated then, only to see Trump impose the 39% rate.
Swiss Economy Minister Guy Parmelin is in regular contact with USTR Jamieson Greer, though the ministry declined to comment on ongoing discussions. The deal’s success depends on Trump’s approval, which could come within days if he accepts the 15% rate.
The tariff reduction would benefit high-profile Swiss brands. Breitling’s CEO called the 39% duty “horrible” for business, while the broader luxury goods sector suffered export declines. A favorable deal would restore competitiveness for Swiss products in the crucial U.S. market.
As Switzerland awaits Trump’s final decision, the outcome will signal whether the president is willing to compromise on his “Liberation Day” tariffs or maintains hardline trade positions. With Swiss stocks rallying on optimism, markets anticipate approval—but Trump remains unpredictable.
Footage Charlie Kirk has been shot
Charlie Kirk has been shot
