Swiss Firms Could Get Back Millions in US Tariffs, Parmelin Says

(Bloomberg) — Swiss companies are potentially entitled to claim “several hundred million francs” in tariff refunds from the US because the trade deal between the nations will be applied retroactively, Switzerland’s economy minister said.

Guy Parmelin said the relief — which cut levies to 15% from 39% — made a “decisive” difference for local companies. He added that Swiss firms are entitled to much bigger refunds from the deal being backdated than their American counterparts. The preliminary deal was provisionally agreed Nov. 14, and the government said this month that it would take effect from that date.

The minister — who will take over the rotating Swiss presidency next year — was speaking as he defended the agreement with Donald Trump’s administration in a special session of parliament on Wednesday. While lawmakers across all parties praised the tariff reduction, the minister faced questions on whether Switzerland yielded too much to US pressure.

“For Swiss companies, the refundable amounts are substantial, particularly in the run-up to Christmas and the end of the financial year,” Parmelin said. Exporters of watches and cheese, machinery and aircraft can claim, he said.

The government received mainly support from the center and the right of parliament, while left parties were critical that a visit by Swiss billionaires to the White House — who presented gifts including a golden Rolex clock — was instrumental in closing the deal.

“I don’t know how you felt about it, but I don’t want that to be the image of my country,” said Aline Trede, caucus leader of the Green party.

Cedric Wermuth, co-president of Switzerland’s Social Democrats, said the US isn’t a reliable partner and agreements can’t necessarily be trusted to last.

“Arbitrary decisions are the norm and will remain so even if we sign a deal,” he said. “We can negotiate whatever we want here: we have to expect this arbitrariness in the medium term — and that should be a cause for concern.”

As the trade deal between the two countries is a preliminary agreement, the 15% rate still hinges on the outcome of Swiss-US talks to finalize the details. Those conversations are ongoing, with both sides aiming to conclude them in the first quarter of 2026.

–With assistance from Levin Stamm.

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