According to a new framework trade deal, the United States will reduce its duties on Swiss exports from a debilitating 39% to 15%, the Swiss government announced on Friday.
The statement came after U.S. Trade Representative Jamieson Greer declared that the two nations had achieved an agreement and that specifics would be revealed later on Friday.
Johann Rupert, the chair of Richemont, had previously stated that he believed Washington's punitive tariffs were the product of a "misunderstanding" that would be swiftly resolved. Rupert met with President Donald Trump in the White House last week as part of a team of Swiss industry executives.
After Richemont released its most recent findings, Rupert told reporters, "The Swiss and the Americans are very much the same independent, don't like big government etc., so I think this misunderstanding will be cleared up this week." "I think we will hear more, from what I've gathered, we'll hear something today," Rupert stated.
After speaking with Greer in Washington, Swiss Economy Minister Guy Parmelin came home on Friday, stating, "We clarified virtually everything." Parmelin said there would be more contact until everything is "finally clear," but he declined to give specifics of the talks.
On Friday, the authorities provided no fresh information. Following the meeting on Thursday, a Swiss insider who wished to remain anonymous stated that an agreement had essentially been achieved.
According to a senior U.S. official, the meeting was "very positive." Last week, Rupert from Richemont met with Trump and officials from MSC, Rolex, Partners Group, Mercuria, and MKS to talk about the effects of tariffs.
Trump stated earlier this week that he was working on a deal to cut the tariffs on goods from Switzerland, and Swiss media claimed that the meeting helped improve relations with Washington.
According to Rupert, a contract might not be signed for months. It depends on President Trump, who has a lot on his plate. "One of the things he has to deal with is our situation in Switzerland," he stated.
The technology industry organization Swissmem stated on Friday that exports from Switzerland to the United States fell by 14% in the three months leading up to the end of September, while shipments from machine tool manufacturers fell by 43%.
According to Rupert, a possible 15% tariff decrease would stabilize the Swiss economy and stop employment losses brought on by the increased tax. "It's not only us," he continued. "It's potentially devastating for the whole of Switzerland."
