Swiss Trade Deal With US Is Awaiting Trump’s Sign Off, Bern Says

(Bloomberg) — Swiss officials approved the draft of a framework trade deal with the US almost two weeks ago, and are continuing talks while awaiting sign off from President Donald Trump, according to the government. 

That twist in the ongoing negotiations was revealed to Bloomberg in an email on Wednesday that suggests Bern remains in suspense over whether the agreement will get over the line before the Aug. 1 deadline set by the White House.

“On July 4, 2025, the Federal Council approved the draft of a joint declaration of intent,” a spokesperson said, adding that this still lacks a nod from the American president. “Switzerland continues to be in touch with the relevant authorities in the US.”

Switzerland has been at the vanguard of international negotiations with the US and had held out hopes to be among the first to clinch a deal with Trump. His comments on Tuesday that further agreements are unlikely with most countries has left trade observers question what deals may still make the cut.

Trump told reporters that while he could strike “two or three” more deals, he is for the most part “very happy with the letters” he has already sent out to several trading partners including Brazil, Mexico and the European Union that simply dictate levies.

Without mentioning Switzerland, the president also said that tariffs on pharmaceuticals could come as soon as the end of the month. 

Bloomberg reported this month that the negotiated US-Swiss draft contained assurances that tariffs on the country’s pharmaceutical sales should be avoided.

Switzerland is a major exporter of drugs to America, with medicines from companies like Roche Holding AG, Novartis AG and Sandoz AG accounting for almost half of Swiss goods shipped there in 2024, according to data compiled by Bloomberg Economics. Monthly data for June are due on Thursday. 

When Trump initially imposed tariffs of as much as 31% on Swiss goods in April, officials in Bern were aghast at how the level was disproportionately higher compared with other trading partners such as the EU.

They then engaged energetically with the White House to change the president’s mind and Switzerland’s head of state — Karin Keller-Sutter — discussed the matter with him just hours before he then announced a global 90-day suspension of his levies.

Keller-Sutter said late last month that Treasury Secretary Scott Bessent had assured her that a trade accord was very close. 

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