U.S. President Donald Trump watches the swearing-in ceremony of U.S. Ambassador to India Sergio Gore in the Oval Office of the White House in Washington, DC, on November 10, 2025.
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The United States and Switzerland are close to signing a trade deal that would reduce the 39% tariffs that President Donald Trump imposed on Switzerland in August.
The president acknowledged Monday that White House officials are “working on an agreement to lower tariffs a little bit.”
“We haven’t decided on any numbers, but we will do something to help Switzerland,” he told reporters in the Oval Office.
“We hit Switzerland very hard, but we want Switzerland to continue to succeed,” he added, adding that Switzerland had been a “very good ally.”
Duties on Swiss exports could be reduced to 15%, the same level as the rate imposed on exports from the EU to the United States, multiple media reported, citing sources close to the talks. Bloomberg reported that a deal could be reached within weeks.
“We do not comment on ongoing discussions,” a spokesperson for the Swiss Economy Ministry told CNBC, adding that Swiss Economy Minister Guy Parmelin “is in regular contact with the relevant authorities in the United States, including USTR Jamieson Greer.”
CNBC has reached out to the White House for further comment and is awaiting a response.
The obligation was met with surprise in Switzerland, whose main exports include watches, jewellery, machinery, chocolate, electronics, chemicals and medicine. Swiss company shares swatch group and Richemont Prices were higher at market open on Tuesday.
Prominent Swiss companies have been outspoken about the damage the tariffs have caused, with the CEO of Swiss luxury watchmaker Breitling telling CNBC that the tariffs were “horrifying” for Switzerland.
The 39% tariff was one of the highest global tariffs imposed by President Donald Trump this year, as he was furious about trade imbalances with Switzerland and several other countries.
According to the Office of the U.S. Trade Representative, the U.S. trade deficit in goods with Switzerland reached $38.5 billion last year. The Swiss government said trade relations between the two countries were “relatively balanced,” according to a CNBC translation.
“The United States has a surplus on exports of services, and Switzerland has a surplus on exports of goods,” the government said in August, adding that the goods surplus is not rooted in unfair trade practices and that more than 99% of American products can be imported into Switzerland without being subject to tariffs.
