US tariffs: Trump cites ‘big’ trade deficit with Switzerland
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US tariffs: Trump cites ‘big’ trade deficit with Switzerland
US President Donald Trump has justified the 39% tariff rate imposed on Switzerland with reference to the “big” trade deficit with the country.
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Speaking to the press in Washington before leaving for New Jersey on Friday, Trump said “the problem with Switzerland is that we have a $40 billion [CHF32.16 billion] deficit. I spoke yesterday to Switzerland, but we have a $40 billion deficit […] That’s a big deficit”. His remarks were reported by the Italian news agencies ANSA and Adnkronos.
Trump thus corroborated the explanations given earlier on Friday by Swiss Finance Minister Karin Keller-Sutter, who also currently holds the country’s rotating presidency. According to Keller-Sutter, Trump believes Switzerland “steals” nearly CHF40 billion from the US every year because of the deficit.
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She interpreted the tariff rate of 39% as being clearly tied to this amount: “CHF38.9 billion deficit, 39% customs duties, it’s clear”, Keller-Sutter said.
On the sidelines of National Day celebrations on the Rütli meadow in central Switzerland, Keller-Sutter told journalists that the Swiss government rejected Washington’s “absurd” position and wished to relaunch negotiations.
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Translated from French by DeepL/dos
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