US President Donald Trump signed a decree to this effect on Monday.
China is excluded from the deadline extension as there is a separate agreement with the country. Import surcharges for other countries are off the table until August – however, many details are still open, including how the European Union and the US want to trade with each other in future.
The trading negotiation deadline for Switzerland and the EU was due to expire on Wednesday. They have been negotiating with the US in the customs dispute for some time – the outcome is still open. What exactly the new deadline means for them was initially unclear.
First tariff letters are out
Trump sent out a series of letters with new tariff regulations to several countries on Monday, including Japan, South Korea, South Africa and Malaysia. White House spokeswoman Karoline Leavitt said reciprocal tariffs or the new tariffs listed in the letters would go into effect – “or agreements will be reached”. These countries will continue to negotiate with the US.
The EU was counting on an agreement in principle in the customs dispute with the US. EU Commission President Ursula von der Leyen spoke to Trump by telephone on Sunday and discussed the current state of negotiations, said a spokesperson in Brussels. They were at the “beginning of the final phase”, the spokesperson said on Monday afternoon. The spokesperson did not want to provide any details of the conversation.
Are many deals coming quickly now?
In April, Trump introduced a basic tariff of 10% on almost all imports from the EU. In addition, special tariffs apply to certain products, such as steel, aluminium and car imports. With his tariff policy, Trump wants to ensure that more is produced in the US.
US Treasury Secretary Scott Bessent said on CNN that he expects many deals to be finalised quickly as a result of the letters. He also spoke of around 100 letters to small countries with which the US does not trade extensively.
“The countries will receive a letter saying: If we haven’t reached an agreement, you will fall back to the level of 2 April.” On that day, Trump announced his far-reaching tariff package.
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Trump tariffs could cost Switzerland CHF17.5bn, economist warns
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An escalating tariff dispute under Donald Trump’s US administration could cost the Swiss economy up to CHF17.5 billion ($22 billion) in 2026, according to KOF economist Jan-Egbert Sturm.
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