Swiss press question concessions in US tariff deal

The US and Switzerland announced a framework trade agreement on Friday that includes Washington slashing its tariffs on imported Swiss products to 15% from 39% and a pledge by Swiss companies to invest $200 billion in the US by the end of 2028. Keystone / Alessandro Della Valle

Swiss newspapers have questioned the deal struck with Washington and concessions made by Switzerland to allow the tariff rate on Swiss imports to be lowered from 39% to 15%. What exactly were they? Some doubts remain.

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Switzerland and the United States announced on Friday that they had signed a framework deal that serves as the basis for negotiating a formal trade agreement, which should be concluded in the first months of 2026.

Certain passages of the text raise questions, however. The NZZ am SonntagExternal link newspaper on Sunday highlighted the fact that the two countries must address potential trade distortions caused by subsidies or measures taken by state-owned enterprises. “What this means in concrete terms remains unclear,” the paper declared.

Colossal investments

The SonntagsZeitung,External link for its part, focuses on the promise of colossal investments in the US from Swiss companies, worth a total of $200 billion. “A huge figure,” the newspaper notes, asking: “Was Switzerland bluffing?”

This is a huge figure, certainly, but not “extravagant”, according to Rahul Sahgal, director of the Swiss-American Chamber of Commerce. It has been calculated based on a survey of member companies of the organisation, which shared their investment plans.

Sanctions adopted by Switzerland?

One particular passage in the framework text has caught the attention of Swiss journalists: “The participants intend to strengthen existing cooperation with regard to U.S. export controls and sanctions.”

The SonntagsZeitungExternal link questioned Economics Minister Guy Parmelin on this point: does this mean that Switzerland will have to adopt US sanctions?

“No,” assures Parmelin. It is possible that Washington might request them one day from Bern, for example, in the event of a problem with a bank. The Swiss government will analyse the situation and make a decision independently, as is already the case. “Switzerland is under no obligation,” said Parmelin.

Intentions > formal agreement

The text published by the White House contains 29 points. The word “intention” appears 46 times, Simon Evenett, professor of geopolitics and strategy at IMD Business School in Lausanne, points out in the NZZ am Sonntag.

Negotiations must now translate these wishes into a concrete agreement, with more details. “The road ahead looks fraught with obstacles,” the newspaper predicts.

Translated from French by DeepL/sb

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