U.S. and Switzerland Fine-Tune Trade Tariffs in New Agreement

The U.S. Trade Representative announced new tariff regulations for a trade agreement with Switzerland and Liechtenstein. The changes, retroactive from November 14, include a 15% tariff or the most-favored-nation rate on various goods. The trade agreement aims to be finalized by March 31, with provisions for future adjustments.

The U.S. Trade Representative unveiled steps to activate tariff-related aspects of a recent trade deal with Switzerland and Liechtenstein, initially settled in November. The tariff terms, taking effect retroactively from November 14, align with updates published in the Federal Register.

Under the new rules, the U.S. tariff schedule amends rates to impose either the most-favored-nation duty or a 15% tariff, whichever is greater, on commodities from these countries. Specific items affected include agricultural goods, natural resources, aircraft components, and pharmaceuticals.

Additionally, last month's framework included cutting duties on imported Swiss items to 15% from 39%, in exchange for Swiss investments promising $200 billion by 2028. The U.S. anticipates finalizing the agreement by the end of March or reevaluating tariff changes.