White House hails ‘historic’ tariff deal with Switzerland

US Trade Representative Jamieson Greer said the agreement tears down longstanding trade barriers and opens new markets for American goods. Keystone-SDA

The White House has praised the framework for a 'historic trade deal' negotiated with Switzerland. The agreement announced on Friday promises a lower US import tariff rate of 15% for Switzerland - down from 39% - in return for $200 billion in investments by Swiss companies in the US.

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The agreement will will provide US exporters unprecedented access to Swiss and Liechtenstein markets and drive billions of dollars in investment on US soil, creating “thousands of jobs across America”, the White House said in a statement.

It details a long list of benefits for the US.

Jobs will be created across all 50 states in a number of sectors, such as pharmaceuticals, machinery, medical devices, aerospace, construction, advanced manufacturing, gold manufacturing, and energy infrastructure, the White House said.

“This trade deal will lock in the largest expansion ever of US exporter access to Swiss markets, creating new opportunities for US manufacturers, farmers, ranchers, fishermen, and other producers,” it adds.

Under Trump’s leadership, billions of dollars of investment by major Swiss companies such as Roche, Novartis, ABB, and Stadler have already been announced in connection with the framework, with more on the way, it said. At least $67 billion worth of investment will occur in 2026.

It went on: “Swiss and Liechtenstein enterprises have committed to investing in American workers through the use of Registered Apprenticeships and other training programmes in key high-growth sectors.”

Whisky, medical, digital

Switzerland and Liechtenstein intend to remove a range of tariffs across agriculture and industrial sectors, including various fresh and dried nuts, fish and seafood, certain fruits, chemicals, and spirits such as whisky and rum. In addition, Switzerland will establish tariff rate quotas for American poultry, beef, and bison.

At the same time, it is committed to reducing a number of non-tariff barriers that have long prevented the entry of American products, notably in the medical sector, agriculture and intellectual property.

Particular attention will be paid to the protection of intellectual property, the fight against forced labour and the environment, the White House adds. “The United States, Switzerland, and Liechtenstein have committed to a robust set of digital trade principles, including refraining from harmful digital services taxes.”

Switzerland and Liechtenstein will work to address forced labour in their supply chains and increasing cooperation on labor-related trade issues, the press release states.

“Additionally, the Framework bolsters our shared national and economic security by expanding cooperation on export controls, sanctions, and investment screening,” it says.

Early 2026

The agreement must be finalised quickly, according to the US, with ratification scheduled for early 2026. This will make it possible to achieve a reduction in the US trade deficit with Switzerland, which stood at $38.5 billion in 2024, with the goal of eliminating it by 2028.

Donald Trump sees the agreement as “a concrete way to strengthen economic relations with Switzerland, ensuring both the country’s national security and its economic prosperity”.

On Friday, Swiss Economics Minister Guy Parmelin welcomed “the significant improvements” resulting from the negotiated framework agreement.

“Switzerland has not made any concessions that would limit its ability to act or its neutrality,” Parmelin declared, adding that the country remains “autonomous”.

The concessions announced by Parmelin include improved recognition of US standards in Switzerland, particularly in the automotive sector, and the lowering of Switzerland’s own customs duties on a range of US products. The discussions were conducted on a win-win basis, according to Bern.

Translated from German by DeepL/sb

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