President Trump levied a staggering 39% tariff on Switzerland in August, although that rate could come down by more than half to 15%, Bloomberg reported on Monday. Sources familiar with the matter said that a trade deal could be announced within the next two weeks, although talks are still ongoing and could face challenges.
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A group of Swiss businessmen and C-suite executives met with Trump last week in the Oval Office. Afterward, Trump directed U.S. Trade Representative Jamieson Greer to accelerate trade negotiations between the two countries.
Swiss Leaders Advance Trade Talks Amid Economic Woes
The group included Rolex CEO Jean-Frederic Dufour and Richemont (CFRUY) Chairman Johann Rupert. Switzerland is well known for exporting gold and jewelry, with watch exports totaling $33 billion in 2024. The trade deal progress comes amid trouble in the Swiss economy, highlighted by the unemployment rate at its highest level in four years.
In 2024, the U.S. exported $25 billion of goods to Switzerland and imported $63.3 billion from the country, resulting in a goods trade deficit of $38.3 billion, up by 56.1% year-over-year.
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