UBS Asked by Swiss Economy Ministry for Help on US Tariffs

(Bloomberg) — The Swiss economy ministry is seeking input from UBS Group AG as it scrambles to get an improved US trade deal, potentially providing the country’s largest lender an avenue for better ties with the government.

The State Secretariat for Economic Affairs has reached out to UBS to ask for support from the bank, people familiar with the matter said. Part of the reason why SECO has asked the lender is the firm’s strong presence in the US, the people said.

“In the current situation it is important for Switzerland to close ranks and work as one to end the tariff dispute as soon as possible without distractions,” a UBS spokesperson said in an e-mailed statement. A representative for SECO declined to comment on the talks. Swiss newspaper Aargauer Zeitung has reported the talks earlier.

The Swiss government has been seeking to get better terms from the Trump administration after it was hit with the highest levies in the developed world. A trip to the US by Swiss President Karin Keller-Sutter failed to achieve an improvement of the 39% tariff rate, and Swiss businesses are increasingly concerned about the risk of economic damage to the country that is depending heavily on its export sector.

For UBS, the request from SECO comes amid a tense debate over new bank rules that could end up imposing as much as $26 billion in fresh capital requirements on the bank. The firm strongly opposes the plans and has been lobbying the government to change them.

The potential role in helping the Swiss government navigate the US tariffs situation could help boost UBS’s standing with Bern.

Other companies including pharmaceutical giants Roche Holding AG and Novartis AG have already weighed in on the US trade talks and discussed the situation with the government in Bern. Both firms for instance have touted their planned investments in the US. Pharma is Switzerland’s biggest export sector and hence contributes a large share to the country’s trade surplus.

In addition to the tariffs, Swiss exporters also have to contend with a strong currency. The franc has gained more than 12% against the dollar this year, one of the best performers versus the greenback.

Relations between UBS and the government have sometimes been tense in recent months due to the bank capital debate. Switzerland’s finance ministry, which leads that debate, said it’s not in touch with UBS over the tariffs situation. Finance minister Keller-Sutter is also the head of Switzerland’s government, which has a rotating system.

“UBS representatives have not offered any help to the President of the Confederation on the issue of tariff negotiations with the US and there has been no contact between Karin Keller-Sutter and UBS on the matter,” a spokesperson for the finance ministry said in a statement to Bloomberg News.

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