US, Switzerland strike deal to cut steep tariffs

New Delhi, Nov 15: Switzerland and the United States have agreed to reduce President Donald Trump’s 39 percent  tariffs on Swiss imports to 15 percent, in a deal that also commits Switzerland to invest $200 billion in the US economy by 2028, the BBC reported.

Swiss Economics Minister Guy Parmelin said the agreement follows months of economic strain and a decisive meeting between Swiss business leaders and Trump at the White House on 4 November.

According to the BBC, industry executives presented gifts, including a Rolex gold watch and an engraved gold bar, during the Oval Office talks. The US Trade Representative confirmed the tariff-cutting deal, which aligns Switzerland with the 15% rate previously negotiated by EU countries. As part of the agreement, Switzerland will also lift tariffs on quotas of US meat exports such as beef, bison and poultry. The BBC noted that Swiss tech exports to the US have fallen sharply since last year, underscoring the urgency of the accord.