Economy Minister Guy Parmelin defended a new non-binding tariff framework with the U.S., saying Switzerland did not "sell its soul" by agreeing terms that would lower U.S. import duties on Swiss goods to 15% from 39% in exchange for $200bn of Swiss investment in the U.S. Industry groups praised parity with EU firms, but opposition parties and the Greens raised concerns about concessions and negotiation transparency. The framework is non-binding, must be approved by parliament and could face a referendum.
Parmelin: Switzerland Didn’t "Sell Its Soul" in U.S. Tariff Framework Deal
Economy Minister Guy Parmelin defended a new non-binding tariff framework with the U.S., saying Switzerland did not "sell its soul" by agreeing terms that would lower U.S. import duties on Swiss goods to 15% from 39% in exchange for $200bn of Swiss investment in the U.S. Industry groups praised parity with EU firms, but opposition parties and the Greens raised concerns about concessions and negotiation transparency. The framework is non-binding, must be approved by parliament and could face a referendum.
02:43 AM, 11/17/2025Economy
Swiss minister rejects "deal with the devil" label for U.S. tariff framework
Economy Minister Guy Parmelin on Sunday defended a new, non-binding tariff framework with the United States, rejecting criticism that Switzerland had "made a deal with the devil" or surrendered to U.S. trade pressure. The arrangement would reduce U.S. import duties on Swiss goods to 15% from 39% in return for up to $200 billion of planned Swiss investment in the United States.
"We haven't sold our soul to the devil," Parmelin told the Tages-Anzeiger newspaper, adding he was satisfied with the framework.
Parmelin and government officials say the agreement reflects commercial realities: many Swiss firms had already been planning or shifting some production to the U.S. market before the current U.S. tariff policies. Swiss industrial groups have welcomed the deal, saying it restores parity with European companies after a similar agreement between Washington and Brussels.
However, the pact has drawn criticism from opposition parties and green groups. Critics have questioned the transparency of negotiations and the concessions involved, noting that executives from Swiss companies including watchmaker Rolex and luxury group Richemont lobbied U.S. authorities for tariff relief.
The framework is non-binding and further negotiations are expected. Bern hopes the lower U.S. tariff rate could be activated within days or weeks, but any final agreement must be approved by the Swiss parliament and could be subject to a popular referendum. Switzerland has also agreed to lower certain import duties on a range of U.S. agricultural and industrial products as part of the understanding.
Switzerland's Social Democrats offered a cautious welcome, while the Greens called the pact a "surrender agreement," saying it risks prioritising U.S. interests over those of Swiss farmers and consumers. The government says it will continue talks to turn the framework into a binding accord that protects Swiss economic interests.