US-Swiss Talks on Final Trade Deal to Start in Bern in February
(Bloomberg) — Talks on the details of the trade deal between Switzerland and the US are expected to start in the first half of February in Bern, according to people familiar with the matter.
The goal is to finalize a preliminary agreement that cuts US levies on Swiss goods to 15% from 39%, which was the highest level among advanced economies.
A US Trade Representative delegation will visit the Swiss capital in what will be the first formal round of talks on a legally binding accord, the people said, who asked not to be identified discussing confidential information.
It’s the first time American negotiators are coming to Switzerland, the people said, after talks for the framework deal announced in November were conducted solely by Swiss delegations traveling to Washington. This makes the process less one-sided than previously, they added.
The people confirmed that negotiators aim to finish by the end of March. The US has threatened to reconsider its concessions if no final deal has been agreed by then, according to a note in the Federal Register.
A spokesperson for the Swiss economy ministry declined to comment. The USTR couldn’t immediately be reached outside of office hours.
Asked about a US-Swiss deal on Wednesday in Davos, Treasury Secretary Scott Bessent said that he would be meeting with Switzerland’s president — Guy Parmelin — later in the day, and that their relationship was “very good.”
He also described Parmelin as a “fantastic advocate” for his people. “I think with his leadership that we will be able to land a trade deal that is fair for the American people and ensures continued prosperity in Switzerland.”
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In return for a lower tariff, Swiss companies made a $200 billion investment pledge and the government offered easier market access for some American agricultural goods including fish, seafood and certain meats. The tariff relief took effect retroactively from the date of the deal, pending the final accord.
–With assistance from Jenny Leonard and Skylar Woodhouse.
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