Swiss Exports to US Increased as Countries Reached Trade Deal

(Bloomberg) — Switzerland’s exports to the US expanded in the month the Swiss struck a deal to remove outsized American tariffs.

Sales to the world’s largest economy — excluding gold and adjusted for seasonal swings — were 7.6% higher in November than in October, the country’s customs office said on Thursday. The total of Swiss shipments to the world decreased slightly.

Imports from the US fell 3.5%. That means Switzerland’s trade surplus with the nation increased to 3.4 billion francs ($4.2 billion), from 3 billion francs the previous month.

The two countries announced a framework trade deal on Nov. 14 that cut US levies to 15% from 39% — the highest level among advanced economies — in return for a $200 billion investment pledge of Swiss companies as well as easier market access for some American agricultural goods including fish, seafood and certain meats.

The reduction of surcharges took effect retroactively from the day of the announcement, but the US will reconsider that concession if the preliminary agreement isn’t finalized by March 31, according to a note in the Federal Register. Negotiations are ongoing.

The backdating of the deal means that Swiss companies can claim several hundred million francs in levies back from US authorities, Switzerland’s economy minister said Wednesday.

While the agreement brings relief, surcharges remain higher than before the begin of Donald Trump’s tariff campaign. Against this backdrop, the government predicts that Switzerland will grow slightly less next year than expected before the 39% announcement. Still, economists widely reckon the country will return to stable growth after the outsized duty handed it the first quarter of contraction in two years.

–With assistance from Kristian Siedenburg.

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