The US described trade talks with Switzerland as "very positive" while Swiss Economy Minister Guy Parmelin visited Washington for the third time since Washington imposed 39% duties in August. Parmelin met with US Trade Representative Jamieson Greer as Bern seeks a meaningful cut, with reports suggesting a deal to reduce tariffs to 15% may be near. The tariffs have led Switzerland to lower its 2026 growth forecast and threaten export sectors such as watchmaking, machinery, chocolate and cheese; pharmaceuticals remain exempt but face uncertainty. Negotiations will continue and any change requires approval by both governments.
US Calls Trade Talks With Switzerland "Very Positive" as 39% Tariffs Could Be Cut to 15%
The US described trade talks with Switzerland as "very positive" while Swiss Economy Minister Guy Parmelin visited Washington for the third time since Washington imposed 39% duties in August. Parmelin met with US Trade Representative Jamieson Greer as Bern seeks a meaningful cut, with reports suggesting a deal to reduce tariffs to 15% may be near. The tariffs have led Switzerland to lower its 2026 growth forecast and threaten export sectors such as watchmaking, machinery, chocolate and cheese; pharmaceuticals remain exempt but face uncertainty. Negotiations will continue and any change requires approval by both governments.
02:20 AM, 11/14/2025Economy
US Says Trade Talks With Switzerland "Very Positive" as Tariff Negotiations Continue
A senior US official on Thursday described negotiations with Switzerland as "very positive" while Swiss Economy Minister Guy Parmelin made his third trip to Washington seeking relief from steep tariffs imposed by President Donald Trump.
In August, the White House surprised Switzerland by imposing 39% duties on many imports from the country, among the highest levies in a broader global tariff campaign. Parmelin met with US Trade Representative Jamieson Greer during the visit as Bern presses for a substantial reduction in the punitive rate.
"The talks are very positive. They're very focused," a senior Trump administration official told reporters. "If this deal is accepted by the president and the Swiss people, we would see a reduction in tariffs into Switzerland."
The US official noted that while Switzerland generally applies low duties at home, certain product categories face high rates and negotiators expect "a meaningful reduction." Bloomberg reported that Switzerland was close to an agreement to cut tariffs to 15% — the same level applied to goods from the European Union — citing unnamed sources.
Switzerland has already trimmed its 2026 growth forecast as the tariffs weigh on its export-led economy. Key sectors at risk include watchmaking and industrial machinery, alongside chocolate and cheese producers. Although pharmaceuticals — Switzerland's largest export sector — are currently exempt from the duties, the industry has voiced concern because the US administration has periodically threatened broader targets.
Beyond the immediate impact on Swiss exports to the United States, companies in Switzerland fear that higher US duties could hand an advantage to competitors from other wealthy markets. The EU and Japan have reportedly negotiated a 15% tariff rate with the US, while Britain secured a 10% rate.
Next steps
Swiss authorities say discussions will continue but have not released details. Any change depends on final agreement by US and Swiss decision-makers and, as the US official noted, potential approval from both the US president and Swiss stakeholders. For now, uncertainty remains but officials on both sides frame the talks as constructive.