Talks with US on tariffs ongoing: Swiss economics minister

Parmelin said the Swiss government "is waiting for a signal from the United States." Keystone-SDA

A Swiss delegation led by Economics Minister Guy Parmelin held talks with American representatives on the sidelines of the International Monetary Fund and World Bank meeting in Washington. Among the US delegates was Treasury Secretary Scott Bessent.

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“Diplomatic and political exchanges will continue in order to obtain a rapid reduction in the additional customs duties,” Parmelin told news agency Keystone-SDA at the end of the meeting on Friday, in reference to the 39% tariffs imposed by the US on Swiss goods.

Speaking to Swiss public television RTS, Parmelin said the government “is waiting for a signal from the United States. This is also why we are maintaining contacts, both at a high level and at a technical level, so that we are ready when the time comes for the president to make a decision, since ultimately it is the President of the United States who will decide.”

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Parmelin was able to talk to Bessent for “a few minutes” during the governors’ lunch. “We are staying in touch,” he said, adding that the government would continue to provide information in due course.

Concerns mark the meeting

At the IMF meeting, Parmelin noted a rather gloomy atmosphere: “Concerns prevail,” he said. The main topics discussed were the uncertain geopolitical situation and the high level of debt in many countries.

Another problem is that young people in many countries cannot find work. At the conference, participants discussed ways to create more jobs in order to curb violence and migration. The Swiss vocational training system attracted interest from many countries.

Large countries are blocking progress

The minister also emphasised the importance of economic openness. Around 85% of countries want to continue applying multilateral rules: “The policy of large countries forming blocs is worrying,” he said.

Small- and medium-sized economies, on the other hand, are banking on free trade and clear rules. Countries such as New Zealand and Southeast Asian states have shown interest in closer economic cooperation with Switzerland, Parmelin added.

The minister held additional bilateral talks, notably with delegations from South Korea and Liechtenstein, as well as with countries in the Swiss-led voting group within the IMF, such as Serbia and Uzbekistan.

Translated from French with DeepL/gw

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