Switzerland Aims to Finalize US Tariff Accord by the End of July
(Bloomberg) — Switzerland aims to finalize a US trade deal by the end of July, with the European nation pushing for assurances it won’t face higher duties than rival countries.
Bern is open to signing a bilateral pact agreeing to a fixed tariff in return for a clause that no competing trading partner — particularly the European Union and the UK — will get a lower rate, people familiar with the matter said, requesting anonymity discussing information that isn’t public.
Swiss negotiators expect to continue negotiations — started in February — in Washington this month, the people said, though the US side has yet to confirm such plans. It would be the third round of talks that target turning a preliminary framework agreement into something that gives exporters — including Switzerland’s large pharma industry — legal certainty.
On the Swiss side, there are hopes that the agreement could be closed even earlier. Bern is sensing US willingness to conclude a treaty with Switzerland, a person familiar with the negotiations said.
The US looks forward to completing a deal that would remove additional barriers to US goods, according to a US official.
The White House didn’t respond to requests for comment. The Swiss government declined to comment beyond saying that the “negotiations are proceeding as planned” and the chief representatives met in Washington in early March.
A key controversy in the talks is that the US so far is refusing to grant the Swiss a cap on the tariffs that will likely result from ongoing investigations under Section 301 of the Trade Act. The office of US Trade Representative Jamieson Greer is taking the stance that there’s no connection between the probes and the talks, the people said.
At the moment, Swiss drug exporters except Roche Holding AG and Novartis AG are hit with tariffs of 15%, as the Trump administration’s new 100% levies on medicines are capped at that level due to the preliminary deal both nations closed in November. The nation‘s two biggest producers have concluded deals with the White House shielding them from levies for three years.
The industry is pushing for an exemption from Section 301 and 232 tariffs or at least a cap that mirrors competing countries and blocs, effectively anchoring Switzerland’s treatment to that of its peers.
“We call on Switzerland to advocate for a solution equivalent to that granted to the UK in its tariff negotiations with the US,” association Interpharma said this month. “The goal must be to exempt the pharmaceutical industry from tariffs as much as possible.”
Medicines are Switzerland’s largest export sector. With the current 15% duties Washington has stepped up the pressure as the industry is hit with levies for the first time. According to the people, there are fears that the US could soon launch another probe specifically targeting drug pricing.
–With assistance from Josh Wingrove, Catherine Lucey and Jordan Fabian.
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