Swiss-US Tariff Talks Now Helmed by Parmelin, Keller-Sutter Says

(Bloomberg) — Swiss Economy Minister Guy Parmelin has taken over trade talks with the US, according to President Karin Keller-Sutter.

“Parmelin is now handling the tariff negotiations,” she told reporters in New York, adding that she is only in the US to attend the United Nations General Assembly. She addressed leaders there earlier on Wednesday.

Switzerland is reeling from a 39% tariff imposed on its US exports since August. Keller-Sutter failed to get President Donald Trump to agree to a trade deal, leaving the country with the highest levy of any developed nation.

The Swiss president has been blamed personally for the setback, especially as a call between the two leaders is seen to have derailed a potential agreement.

Keller-Sutter’s attempt to head off the trade duties with an August visit to Washington led to a snub from the White House. The only administration official prepared to meet her turned out to be Secretary of State Marco Rubio, whose portfolio doesn’t include trade.

The Swiss president, who also is her country’s finance minister, said that she attended a reception hosted by Trump in New York last night.

It was all very friendly and she shook his hand, but didn’t engage on the matter of tariffs, Keller-Sutter said, describing the encounter as “a very short thing.”

She is Switzerland’s president for this year, before the role moves to Parmelin, who currently is her vice president. He already flew to the US capital this month, though a deal remains elusive.

In the meantime, exporters are feeling the pain from the new tariff rules: Foreign sales to America dropped more than 20% in the first month of the levies being in effect.

Citing the surcharges, the country’s KOF research institute on Wednesday slashed its forecast for Swiss growth next year.

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