U.S. Tariff Cuts on Swiss Goods: A Step Toward Economic Stabilization

The United States is set to reduce tariffs on Swiss imports from 39% to 15% as part of a new trade agreement. The deal, which aims to mend U.S.-Swiss trade relations, follows discussions between trade representatives. Swiss exports dropped significantly due to previous tariffs, impacting their economy.

The United States and Switzerland are on the brink of sealing a new trade deal aimed at reducing U.S. tariffs on Swiss imports from a burdensome 39 percent to a more manageable 15 percent, Swiss officials announced on Friday. U.S. Trade Representative Jamieson Greer confirmed that an agreement had been tentatively reached, with further details expected shortly.

The Swiss government scheduled a press conference for 1600 GMT to elaborate on the agreement. Richemont's Johann Rupert, who met with President Donald Trump alongside Swiss corporate leaders, attributed past tariff tensions to a 'misunderstanding.' He expressed optimism that the issue would soon be resolved.

Back from negotiations in Washington, Economy Minister Guy Parmelin described talks as 'very positive.' This initiative is seen as crucial for stabilizing Swiss exports to the United States, which had plummeted under the high tariff regime, with technology and manufacturing sectors being hit hardest.

(With inputs from agencies.)