Swiss economics minister ‘ready to discuss’ with US on tariffs

Swiss policies on import duties and foreign investment also benefit the US, reckons Guy Parmelin. Keystone / Peter Schneider

Switzerland has highlighted it’s contribution to the US economy as it seeks to avoid tariffs imposed by the Trump administration, Swiss economics minister Guy Parmelin has said.

+ Get the most important news from Switzerland in your inbox

A delegation visited Washington last week after Switzerland was put on a list of countries being examined for unfair trade practices.

Parmelin said it was difficult to say whether Switzerland would avoid US reciprocal tariffs, which are expected to take effect on April 2, although Swiss officials had explained the country’s position.

“We have signalled we are ready to discuss and to show we have benefits for the US,” Parmelin told Swiss public radio, SRF, on Saturday.

“We have abolished industrial tariffs. That means almost 99% of goods from the US that come to Switzerland do so without customs duties. Probably other countries don’t have that.”

Switzerland is the sixth biggest foreign investor in the US, and Swiss companies employ around 400,000 people in the country, with high salaries, Parmelin said.

“We are a strong investor […] and we want to invest more,” he said.

Whether this was enough to prevent tariffs was still open, Parmelin added.

Trump’s objection to other countries charging sales taxes could be difficult to deal with, Parmelin said, with Switzerland not wanting to abolish the tax.

Still, Switzerland wanted to wait to see what was announced on April 2.

“The high level political discussions will come afterwards,” Parmelin said.