Switzerland Defends Role of Executives in Securing US Trade Deal

(Bloomberg) — Swiss Economy Minister Guy Parmelin pushed back against criticism of Switzerland’s preliminary trade agreement with the US, which cuts tariffs on many Swiss goods from 39% to 15%.

“It’s been a long road, and the result is the best we could achieve,” Parmelin said in an interview with Swiss newspaper Tages Anzeiger on Sunday. “We haven’t sold our souls to the devil,” he added.

Some political parties, including the Greens, had questioned the agreement, in particular the involvement of billionaire Swiss executives. The government had had been engaged in intense diplomacy since August, when Switzerland was hit by the highest levy the Trump administration imposed on any developed country.

Parmelin said the preliminary agreement will be followed by futher talks with the US. “Above all, it gives us a starting point for the next negotiations,” he said.

READ: US Agrees to Cut Swiss Tariffs to 15% After Investment Pledge

Speaking of the wealthy executives who played a key role in wooing President Donald Trump and generating crucial momentum, Parmelin said some are friends with the president because they play golf together.

“I don’t play golf, that’s perhaps my handicap — but that’s life,” the minister said.

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