Rolex, Partners Group Take Swiss Tariff Plea Direct to Trump
(Bloomberg) — Some of Switzerland’s most high-profile executives and business people have made a direct intervention to President Donald Trump in a bid to lower the tariff the US imposed on the country, according to people familiar with the matter.
The billionaire founders of Partners Group as well as the chief executive officer of watchmaker Rolex have been part of the group, the people said, asking not to be identified discussing the details of the meetings.
The government says it was aware of the initiative, but the move may also reflect frustration among businesses after Trump slapped a 39% levy on Switzerland this summer, the highest of any developed nation. The government has since then engaged in regular talks with the US on the issue, but so far there’s been little information about any progress. President Karin Keller-Sutter late last month declined to put a time line on the negotiations.
On Tuesday, a group of executives held direct talks with Trump and the US administration. In a social media post, Trump said he met “high level Representatives of Switzerland” and discussed trade issues, without identifying any of the parties involved. Rolex and Partners Group declined to comment.
Switzerland’s government declined to provide details on who took part, saying that it’s up to the attendees themselves to disclose their involvement.
“This is a private initiative by Swiss business leaders, which was supported by the State Secretariat for Economic Affairs in its preparation, but is taking place independently of the Federal Council’s involvement,” a spokesperson for the Economy Ministry said in an email.
Other Swiss companies, keen for the tariff impasse to be resolved quicker, are also considering getting involved in the direct diplomacy, according to a person familiar with their plans. While they remain on the sidelines, these exporters have turned to advisers as they debate the pros and cons of joining the business push.
In his social media post, Trump said further talks will take place between Swiss officials and US Trade Representative Jamieson Greer, praising those at the meeting for a “job well done.”
The Swiss Economy Ministry said it “welcomes the commitment shown by the companies concerned,” but that the government remains in charge of negotiations. Economy Minister Guy Parmelin is in regular contact with US authorities including Greer, according to the statement.
But the business leaders may be hoping that they can nudge things along with their initiative and help Switzerland build a better rapport with the White House — and Trump — after the disastrous outcome to earlier negotiations that culminated in the shock 39% announcement in August.
–With assistance from Fabienne Kinzelmann, Hugo Miller, Allegra Catelli and Myriam Balezou.
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