US President Donald Trump shocked Switzerland in August when he announced 39-percent duties on imports of goods from the Alpine nation, among the highest in his global tariff blitz.What’s happening now?
The steep tariffs have left Switzerland scrambling to negotiate a better tariff deal, with ministers and business leaders flocking to Washington to try to convince the Trump administration to change course.
On November 14th, Washington and Bern announced they had struck a framework agreement to bring the tariffs down to 15 percent, with Switzerland vowing to invest $200 billion in the United States.
“The US is applying a tariff ceiling of 15 percent on imports from Switzerland. This applies retroactively from November 14th, 2025,” a Swiss government statement said Wednesday.
“In return, Switzerland will reduce import tariffs on certain fish and agricultural products from the USA.”
Bern said the new tariff ceiling would see the tariffs on Swiss goods would plunge.
“This will significantly improve access to the US market for Swiss companies,” it said. “The competitiveness of Swiss companies will also be strengthened, as they will once again enjoy similar conditions on the US market as companies from the European Union or other US trading partners with a similar economic structure.”
Rolex clock, gold bar
The 39-percent tariff rate jeopardised entire sectors of the export-heavy Swiss economy, notably watchmaking and industrial machinery, but also chocolate and cheese.
Besides their own tariff rate impacting the viability of exports to the United States, Swiss businesses also worried that competitors in other wealthy economies will have an edge, with the neighbouring EU and Japan having negotiated a 15-percent tariff, and Britain securing a rate of 10 percent.
Bern slashed its 2026 growth forecast as the tariffs weighed on its export-driven economy.
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In the meantime, two Swiss lawmakers have asked the country’s attorney general to probe the legality of gifts reportedly given to Trump by Swiss business leaders 10 days before the two nations cut the breakthrough tariff deal.
After the delegation went to Washington in early November, a Rolex table clock and an engraved gold bar later appeared on the president’s desk.
Marwan Shakarchi, the head of precious metals trader MKS PAMP, and Rolex chief executive Jean-Frederic Dufour were among the business leaders at the meeting.
Prosecutors have been asked to investigate whether the gifts may have violated Swiss anti-bribery laws or constituted undue advantage under Swiss criminal law.
