Summary
Swiss ministers visited Washington to discuss reducing President Donald Trump’s 39% tariffs on Swiss exports. Swiss business leaders presented gifts to President Trump, which appeared to positively influence the tariff talks. As a result, there is optimism that the tariffs might be lowered, with Swiss industries considering investments in the US.
Key Facts
- President Trump imposed a 39% tariff on Swiss exports to the US, the highest rate in Europe.
- Initial negotiations by Swiss President Karin Keller Sutter did not succeed in changing Trump's stance.
- Swiss business leaders visited Trump in November, bringing gifts, including a Rolex watch and a gold bar.
- President Trump indicated that a deal is in progress to reduce the tariff rate.
- Swiss business representatives said they acted in a unified effort between private and public sectors.
- Swiss leaders, including economy minister Guy Parmelin, are hopeful about reducing the tariff to 15%.
- Swiss pharmaceutical companies have promised to build more production facilities in the US.
- Swiss International Airlines may consider shifting its fleet preference towards Boeing.
