Swiss president not surprised by latest US tariff move

Swiss President Guy Parmelin says he was not surprised by the US announcement of new tariffs. Keystone-SDA

Swiss President Guy Parmelin said on Thursday he was not surprised by the Trump administration’s proposal to impose new tariffs of 12.5% on Switzerland, adding that negotiations between the two countries are ongoing with the aim of securing a trade agreement.

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“We were aware that there were ongoing investigations into Section 301 of the US Trade Act, and we expected a decision,” said Parmelin at the opening of the Swiss Economic Forum (SEF) in Interlaken on Thursday.

“We reject the criticisms levelled by the United States and we have already replied to them in writing,” said the Swiss economics minister, who this year also holds the rotating Swiss presidency role.

On Wednesday, the United States stepped up the pressure on Switzerland over tariffs. The Trump administration has proposed new tariffs of up to 12.5% on imports from dozens of economies including Switzerland after determining they had failed to curb trade in goods made with forced labour, an assertion rejected by its trading partners.

Proposals for future US tariffs have not yet been finalised. A consultation period will run until July 6.

Meeting with Jamieson Greer

Parmelin pointed out that the meeting the previous day in Paris with US Secretary of Commerce Jamieson Greer had been planned before the latest US move. The Swiss delegation reaffirmed its position and discussed the American arguments behind the new tariffs.

Speaking in Interlaken, the president pointed out that Switzerland had already taken measures to prevent the import of products made using forced labour.

“Swiss companies and authorities are scrupulous in ensuring that this does not happen,” he said.

During the meeting with Greer, the question was raised as to whether a simple announcement of adaptation of Swiss legislation on forced labour could lead to a reduction in the tariffs planned by the US. Parmelin said this had already been the case for other countries.

Ongoing negotiations

A total of 54 countries, including Switzerland, are subject to the new tariffs of 12.5%. The planned rate for the European Union (EU), the United Kingdom and a few other countries is 10%.

“We must remain calm and continue to negotiate a trade agreement. After all, the United States also wants a binding solution,” said Parmelin. Asked about the date for concluding a customs agreement with the US, he said: “One thing is certain: everything is uncertain.”

Translated from French with AI/sb

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