Swiss-U.S. Trade Negotiations Enter Final Stage: Potential Tariff Reduction on Horizon

Swiss Economy Minister Guy Parmelin is set to meet with U.S. Trade Representative Jamieson Greer to negotiate a reduction in crippling tariffs. Currently at 39%, Switzerland aims to reduce tariffs imposed by Donald Trump, providing relief for critical Swiss industries and boosting economic growth.

In a pivotal move, Swiss Economy Minister Guy Parmelin is preparing to negotiate with U.S. Trade Representative Jamieson Greer to lower tariffs on Swiss goods, a measure initiated by President Donald Trump. The talks are critical as Switzerland faces steep import tariffs currently set at 39%.

Parmelin, accompanied by Helene Budliger-Artieda, head of the State Secretariat for Economic Affairs, traveled to Washington with optimistic expectations. Sources indicate that a tariff reduction deal may be close, requiring a final nod from Trump.

Hans Gersbach of the KOF Economic Institute predicts significant positive impacts on Swiss industries such as watchmaking and machinery if tariffs are reduced to 15%. Such a reduction could prevent job losses and push economic growth past 1%, offering much-needed stability for Switzerland's economy.

(With inputs from agencies.)