Trump Official Casts Trade Talks With Switzerland as Positive
(Bloomberg) — A senior Trump administration official on Thursday characterized talks between the US and Switzerland as positive after top negotiators arrived in Washington to work toward securing a trade deal.
The official, who briefed reporters on condition of anonymity, said Swiss negotiators were aware of the US goods trade deficit, and the need to reduce or eliminate it — a key concern for the Trump administration — and cast the talks as moving in the right direction.
The official said the Swiss had presented plans to reduce that deficit. The US is seeking reduced Swiss tariffs on American goods, even while acknowledging most of those levies are already low, as well as the removal of non-tariff barriers.
The comments come after Swiss Economy Minister Guy Parmelin and State Secretary Helene Budliger Artieda arrived in the US for further discussions following their government signing off on the draft of a trade deal, according to people familiar with the matter.
The minister and his chief negotiator are seeking to complete a pact with the US that would lower the 39% tariff rate on Swiss goods.
The Swiss government signed off on a memorandum of understanding with the US prior to their departure, the people said, asking not to be identified discussing confidential information. The decision was taken at the executive’s meeting in Bern Wednesday morning, they added.
Parmelin and Budliger were scheduled to meet several US officials including Trade Representative Jamieson Greer, the Swiss Economy Ministry said, adding that a meeting with President Donald Trump wasn’t on the agenda and that it was“rather unlikely” that talks will conclude on Thursday.
Switzerland is hoping to finalize an agreement that could lower the US duty on its goods, including watches and chocolate, to 15%, people familiar with the matter told Bloomberg earlier this week. That would represent a major victory for the government, which has sought to cut its rate — currently the highest the US has imposed on a developed nation.
Trump has confirmed his administration was “working on a deal to get their tariffs a little bit lower.”
“I haven’t said any number,” he said recently when asked about a 15% rate. “But we’re going to be working on something to help Switzerland along. We hit Switzerland very hard. We want Switzerland to remain successful.”
Still, it’s unclear if a final agreement will be reached during the visit. Multiple countries have seen framework trade deals fall apart as they near completion, with Trump often demanding last-minute concessions.
Trump met earlier this month with a group of Swiss billionaires and corporate executives in the Oval Office and later signaled his intention on social media to continue trade talks. US and Swiss negotiators have also discussed the possibility of investments in the US gold-refining industry as part of efforts to persuade the Trump administration to lower the import tariffs for Swiss firms.
US officials on Thursday announced frameworks for trade deals with Argentina, Guatemala, El Salvador and Ecuador.
–With assistance from Josh Wingrove, Justin Sink and Jordan Fabian.
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