The Swiss government said that the United States government will lower the tariff ceiling to 15% on imports retroactively from 14 November.
This is a significant reduction with the U.S. applying an across-the-board tariff ceiling of 15% on imports from Switzerland, replacing the previous additional tariff of 39%.
Exemptions on certain U.S. additional tariffs, including pharmaceuticals, certain chemicals, gold and coffee, remain in force unchanged.
The U.S. will also lift the general additional tariff on further Swiss export products, including aircraft, certain aviation-related parts, rubber products, cosmetics and generic drugs.
In return, the Swiss government said it would reduce tariffs on certain fish and agricultural products from the U.S.
The U.S. was the top destination for Swiss exports in 2024.
In October, Switzerland cut its economic forecast, citing the U.S. tariff that was in effect until November’s deal to slash it.
Switzerland has also pledged to invest US$200 billion in the U.S. by the end of 2028.
