The U.S. and Switzerland are close to signing a trade deal that will lower tariffs of as much as 39% that American President Donald Trump placed on the country earlier this year.
Trump confirmed on Nov. 10 that White House officials were “working on a deal to get the tariffs a little lower.”
Media reports say that the tariffs on Swiss exports could be reduced to a blanket 15%, matching the rate that was imposed on European Union (EU) exports to the U.S.
The 39% U.S. import duty was met with anger in Switzerland, whose exports to America include watches, jewelry, machinery and equipment, chocolate, and pharmaceuticals.
High-profile Swiss businesses have been outspoken for months about the damage the tariffs are wreaking across the country.
The 39% tariff was among the highest duties that Trump placed on a country, with the president citing large trade imbalances with Switzerland.
According to the Office of the United States Trade Representative, the U.S. trade deficit with Switzerland amounted to $38.5 billion U.S. in 2024.
Swiss stocks are up in early trading on Nov. 11 as hopes rise for a trade deal with the U.S. However, media reports say it could still be several weeks before an agreement is finalized.
