U.S. Trade Representative Jamison Greer testifies before the Commerce, Judiciary, Science, and Related Agencies Subcommittee at the Dirksen Senate Office Building on the Capitol Building in Washington, DC, on December 9, 2025.
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The Swiss government announced on Wednesday that a previously announced agreement to lower U.S. tariffs on the country’s imports to a cap of 15% will apply retroactively to Nov. 14.
The agreement reached last month reduced the president’s 39% tariff on Swiss imports. donald trump It was imposed in August.
The Swiss Economy Ministry announced on Wednesday that both countries will be able to claim customs duty refunds from November 14th.
“With the U.S. tariff cap set at 15%, U.S. tariffs on Switzerland will be reduced by around 10% on average on a trade-weighted basis. This will significantly improve access for Swiss companies to the U.S. market,” the ministry said in a statement.
The United States will be Switzerland’s largest export destination in 2024. In October, the Swiss government lowered its economic outlook for the country, citing U.S. tariffs that remained in effect until November’s agreement to cut them.
In exchange for lowering the cap, Switzerland has agreed to lower tariffs on imports of seafood and some agricultural products from the United States, the ministry said.
Switzerland has also established bilateral duty-free quotas for the United States of 500 tons of beef, 1,000 tons of bison meat, and 1,500 tons of poultry meat annually.
Switzerland has also pledged to invest about $200 billion in the United States by the end of 2028.
“Furthermore, based on the joint statement, the United States will lift general additional tariffs on additional Swiss export products, including aircraft, certain aviation-related parts, rubber products, cosmetics, and generic pharmaceuticals,” the ministry said. “The list will be published in the US Federal Register. Switzerland is seeking further exemptions.”
