The Donald Trump administration has reached an agreement with Switzerland on trade: import duties on Swiss goods have been reduced to 15%, effectively ending several months of trade confrontation between the countries. This is reported by the publication Financial Times, transmitted by UNN.
Details
U.S. trade representative Jamison Greer told CNBC that details of the agreement would be released later, noting that Switzerland had agreed to relocate a significant portion of its production and reduce its trade surplus in relations with the U.S.
In August, Washington imposed a 39% tariff on Swiss imports — one of the highest duties in Europe, which led to protracted negotiations. While the U.S. had already reached agreements with the UK, the EU, and other partners, an agreement with Switzerland was only reached now. Bern sought to reduce the duty to 15% to equalize it with the tariffs the U.S. applies to the EU.
Switzerland and the USA have successfully found a solution: US tariffs will be reduced to 15%. We thank President Trump for his constructive cooperation
Progress in the negotiations became possible after a visit to the White House by top managers of Swiss companies - including Rolex and Richemont - who explained to Trump how painful these duties were for the Swiss economy.
Under the new agreement, Switzerland will invest $200 billion in the U.S. during Trump's presidential term, with $70 billion already next year. It also provides for the relocation of part of production to the U.S. by pharmaceutical companies, gold refineries, and railway equipment manufacturers.
Recall
It was previously reported that U.S. President Donald Trump plans to attend the annual World Economic Forum in Davos, which may indicate a warming of relations between the U.S. and Switzerland. This visit will give the Swiss government a chance to reset relations with the White House amid trade disputes.