The Trump administration has agreed to lower tariffs on Swiss goods from 39% to 15%, aligning them with rates applied to European Union imports.
This reduction follows a framework agreement announced by the White House and Swiss government after talks with U.S. Trade Representative Jamieson Greer.
Swiss companies pledged at least $200 billion in U.S. investments, with $67 billion slated for 2026 and completion by 2028.
The Swiss government will reduce tariffs on various American products, including industrial goods, fish, seafood, and non-sensitive agricultural items.
The deal caps tariffs at 15% for Swiss pharmaceuticals and semiconductors, shielding them from potential higher Section 232 national security duties.
U.S. officials highlighted expected shifts in manufacturing to the United States, including pharmaceuticals, gold smelting, and railway equipment.
Switzerland granted duty-free quotas for 500 tonnes of U.S. beef, 1,000 tonnes of bison meat, and 1,500 tonnes of poultry meat.
Negotiations to finalize the trade deal, including Liechtenstein, aim for completion by the first quarter of 2026.
The tariff cut is expected to benefit Swiss exports in machinery, precision instruments, watchmaking, and food sectors.
Swiss industry groups noted a level playing field with EU competitors and reported recent export declines, including a 14% drop in overall shipments to the U.S. and 43% for machine tools.
Economists projected improved growth, potentially exceeding 1% in 2026, and removed major downside risks for the Swiss economy.
The agreement addresses a $38 billion U.S. trade deficit with Switzerland from the previous year.