Trump Says He Met Swiss Leaders, Orders More Trade Talks
Olivia BrooksUS President Donald Trump said he met with representatives from Switzerland and announced additional trade talks, as the European nation seeks to reduce a tariff rate that ranks higher than any other developed nation.
US President Donald Trump said he met with representatives from Switzerland and announced additional trade talks, as the European nation seeks to reduce a tariff rate that ranks higher than any other developed nation.
"It was my Great Honor to just meet with high level Representatives of Switzerland," Trump said Tuesday in a social media post. "We discussed many subjects including, and most importantly, Trade and Trade Imbalance. The meeting was adjourned with the understanding that our Trade Representative, Jamieson Greer, will discuss the subjects further with Switzerland's Leaders."
Trump has imposed a 39% tariff on goods from Switzerland, threatening to drive up costs for chocolatiers including Lindt and watchmakers, including Swatch Group and Rolex SA. Pharmaceuticals accounted for almost half of Swiss exports to the US in 2024, according to data compiled by Bloomberg Economics.
The US earlier this year scrapped plans to impose tariffs on gold bars from Switzerland after the plan shocked global markets and threatened to disrupt supplies.
Switzerland has recently proposed moving some business from Swiss gold refiners to the US as part of a bid to broker a broader trade deal.
The presidential meeting comes as Helene Budliger Artieda, Switzerland's top trade diplomat, has made repeated trips to Washington in recent weeks as Bern attempts to negotiate a lower rate. The White House did not immediately respond to a request for comment on who Trump met with.
Swiss President Karin Keller-Sutter declined to give a timeline for negotiations when asked about the progress late last month.
"In the end the US president decides," she said. "So maybe it just needs some more patience."
Despite the tariff rate, indications are that demand for Swiss goods has, in some cases, withstood the impact of the tariffs. Foreign sales to the US excluding gold, adjusted for seasonal swings, were 43% higher in September than in August, the country's customs office said last month.
Still, Bern has cut its growth forecast for next year based on the expected impact of Trump's tariffs on the economy. Foreign sales of Swiss watches fell in September, driven by a 55% plunge in exports to the US.
