New tariffs could enter into force in 10-12 days, says Swiss economics minister

The US has cut import tariffs on goods from Switzerland from 39% to 15%, the Swiss government and the White House announced on Friday. Keystone-SDA

Swiss Economics Minister Guy Parmelin says the date of entry into force of new customs tariffs with the US is unclear - but could possibly begin in 10-12 days.

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“It takes a bit of time,” Parmelin told Swiss public radio, SRF, on Friday.

The US has cut import tariffs on goods from Switzerland from 39% to 15%, the Swiss government and the White House announced on Friday.

At the same time as the reduction in US tariffs, Switzerland will reduce import duties on a range of US products as part of the agreement. In addition to all industrial products and fish and seafood, these will include “non-sensitive agricultural products”.

According to the Federal Council’s statement on Friday, Swiss companies are planning to carry out direct investments in the US worth $200 billion by the end of 2028. A press release from the White House said these investments will extend across all 50 states, over the next five years, to create manufacturing and research and development jobs.

For its part, Liechtenstein will facilitate at least $300 million of investment into the US and increase by 50 percent over the next five years the number of jobs created by its private sector in the US, the press release said.

According to Washington, the aim is to finalise the agreement by the first quarter of 2026.

The announcement of the reduction in additional US tariffs will stabilise bilateral trade relations, Parmelin told reporters in Bern on Friday.

Although the overall tariff rate remains higher than before the additional tariffs were introduced in April, the agreed reduction is expected to have a positive impact on the Swiss economy. The US tariffs of 39% had already caused damage, as they affected 40% of exports, said Parmelin.

Translated from German by DeepL/sb

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