US tariffs on Switzerland reduced from 39% to 15%

The Swiss government has announced that, after months of negotiations, an agreement has been reached with the US. Import tariffs on all products exported from Switzerland to the US will be reduced from 39 percent to 15 percent.

US reduces tariffs on Switzerland to 15 percent

The Federal Council has announced in a press release that Switzerland has signed a non-binding memorandum of understanding with the US. The two countries have agreed that tariffs on goods imported to the US from Switzerland will be reduced to 15 percent.

Switzerland has been negotiating a deal with the US since a 39-percent tariff was introduced in August 2025. According to SRF, negotiations “gained momentum” last week following a meeting between Swiss business representatives and US President Donald Trump. At the meeting, Trump was presented with a “Rolex watch for his presidential library” and an engraved gold bar.  

Swiss companies to invest 200 billion US dollars 

The announcement by the federal government also includes a commitment to reduce import duties on a number of US products, including industrial goods (such as steel), as well as fish and seafood. Switzerland will also grant the US duty-free bilateral quotas on certain US exports to Switzerland, including beef, chicken and bison meat.

Pharmaceutical firms Roche and Novartis and engineering company ABB, among other Swiss companies, have pledged to invest a total of 200 billion US dollars in the US by the end of 2028. The intention is for the investments to “boost the US economy and create well-paid jobs”, according to Watson.

The agreement between the countries will “serve to stabilise bilateral trade relations”, continued the press release, and the reduction in tariffs is “expected to have a positive impact on the Swiss economy.”

The two governments will now draft a legal agreement and ratify it by early 2026, Watson reports. The draft will require approval from the Swiss government and, potentially, Swiss voters via a referendum.