Trump says he is working on a deal to lower tariff rate on Swiss imports

Trump says he is working on a deal to lower tariff rate on Swiss imports

Switzerland is scrambling to secure a trade deal with US President Donald Trump to cut the 39% tariff on its imports.

Switzerland tariff
US President Donald Trump acknowledged that the US had hit Switzerland hard but viewed it as a good ally. (Reuters pic)
WASHINGTON:
The US is working with Switzerland on a deal to lower the 39% tariff rate it faces on exports to the US, President Donald Trump told reporters in the Oval Office yesterday, but said he had not yet settled on a new rate.

Switzerland has been scrambling to secure a trade agreement with Trump that could reduce the 39% tariff rate that he slapped on Swiss imports in August, among the highest duties levied in his global trade reset.

“We’re working on a deal to get their tariffs a little bit lower,” Trump said.

“I haven’t set any number, but we’re going to be working on something to help Switzerland,” he added.

Trump acknowledged that the US had hit Switzerland hard, but said Washington viewed Switzerland as a good ally and wanted the Alpine country to remain successful.

The Swiss government declined to comment yesterday after Bloomberg reported the country was close to reaching a deal with the US that would reduce Washington’s tariffs on its exports to 15%.

“The talks are ongoing and we do not comment further,” a spokesman for the Swiss department of economic Affairs said.

Bloomberg said a deal could be reached in the next two weeks, citing unnamed sources, adding that nothing had been finalized.

Washington imposed duties of 39% on Swiss imports in August, threatening access for Swiss companies, which number the US as one of their biggest markets for watches, machine tools and chocolate.

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