US, Switzerland Reach Tariff Deal That Lowers Duties on Swiss Goods to 15 Percent

Under the deal, Washington gains expanded access to markets in Switzerland and Swiss firms pledge $200 billion in US investments.

Treasury Secretary Scott Bessent during a U.S.–Swiss meeting in Geneva, Switzerland, on May 9, 2025. Martial Trezzini/Keystone via AP

The United States and Switzerland have reached a trade deal under which Swiss imports to America will be subject to a reduced 15 percent duty, officials said.

U.S. Trade Representative Jamieson Greer told CNBC on Nov. 14 that the administration had “essentially reached a deal” with the Swiss government after months of negotiations in the context of President Donald Trump’s reset of U.S. trade ties with the rest of the world.

Under the Trump administration’s trade policy, Swiss goods were hit with a 39 percent tariff, one of the highest rates imposed on any country and substantially higher than the 15 percent applied to European Union member states.

The new agreement, which lowers Switzerland’s levy to match that of EU countries, includes measures that support Trump’s goal of reindustrializing the United States quickly, after decades of offshoring.

“They’re going to send a lot of manufacturing here to the United States—pharmaceuticals, gold smelting, railway equipment—so we’re really excited about that deal and what it means for American manufacturing,” Greer said, adding that the White House would release details of the agreement later in the day.

The Swiss government confirmed the deal in a social media post, thanking Trump for his “constructive engagement” and acknowledging a “productive” meeting with Greer.

“Switzerland and the U.S. have successfully found a solution: U.S. tariffs will be reduced to 15%,” it said.

In a statement offering further details on the agreement, Switzerland’s State Secretariat for Economic Affairs said that the country would reduce its import duties on a range of U.S. products. These include all industrial products, fish and seafood, as well as American agricultural products that are considered “non-sensitive.”

For certain categories of U.S. agricultural products considered sensitive due to their potential impact on the Swiss market, Switzerland will grant duty-free quotas, including 500 tonnes of beef and 1,500 tonnes of poultry from the United States.

Swiss companies have also agreed to invest $200 billion in the United States by the end of 2028, partly in initiatives meant to boost vocational training.

“The announcement of the reduction in additional US tariffs on Swiss imports will serve to stabilise bilateral trade relations,” the Swiss government said.

“Although overall tariffs remain higher than before the additional tariffs were introduced in April, the agreed reduction in additional tariffs is expected to have a positive impact on the Swiss economy.”

The announcement comes a day after Greer met with Swiss Economy Minister Guy Parmelin in Washington for talks on resolving outstanding trade issues and finalizing the deal.

The deal stabilizes the approximately $188 billion in bilateral trade between the United States and Switzerland, whose export-driven economy heavily relies on U.S. demand for its pharmaceuticals, high-precision machinery, and world-famous watches.

The United States absorbs more than one-fifth of all Swiss foreign direct investment, making it Switzerland’s top investment destination.

The tariff accord ends months of tension for Swiss exporters, who had warned that the 39 percent duty was disrupting shipments and forcing companies to rethink production plans.

Additional technical talks are scheduled for the coming weeks as details of the new quotas, tariff schedules, and investment pledges are finalized.

Nearly 1,200 U.S. companies operate in Switzerland, employing about 95,000 people. Swiss firms, meanwhile, rank among the highest-paying foreign employers in America, with average wages above $130,000, according to Switzerland’s foreign affairs department.