The United States and Switzerland are nearing a deal to lower the 39% tariffs U.S. President Donald Trump slapped on the country in August.
Trump said Switzerland was a “very good ally” and that White House Officials were “working on a deal to get tariffs lower”.
“I haven’t set any number, but we’re going to be working on something to help Switzerland,” he told reporters in the Oval Office.
“We hit Switzerland very hard. But we want Switzerland to remain successful.”
This comes as Swiss companies are beginning to feel the strain of the 39% tariff imposed in August, which was the highest levy faced by any developing economy.
This includes the CEO of Swiss luxury watchmaker Breitling telling CNBC that the duty was “horrible” for Switzerland.
Switzerland is now inching closer to a 15% tariff, which would match the rate imposed on EU exports to the U.S..
A spokesperson at Switzerland’s economy ministry said they will not be commenting on the ongoing discussion, but added that the Swiss Economy Minister Guy Parmelin is in regular contact with the relevant authorities in the U.S..
Last year, the U.S. goods trade deficit with Switzerland amounted to US$38.5 billion, according to the Office of the United States Trade Representative.
