U.S. President Donald Trump delivers brief remarks to members of the press after departing Air Force One Nov. 9, 2025, at Joint Base Andrews, Maryland. Trump spent the weekend at his Mar-A-Lago estate in Palm Beach, Florida.
Tasos Katopodis | fake images
The United States and Switzerland are close to signing a trade deal to reduce the 39% tariffs that President Donald Trump imposed on the country in August.
The president confirmed Monday that White House officials were “working on a deal to reduce the tariffs a little bit.”
“I haven’t set any figures, but we are going to work on something to help Switzerland,” he told reporters in the Oval Office.
“We have hit Switzerland very hard, but we want Switzerland to continue to be successful,” he added, stating that the country has been a “very good ally.”
The tariff on Swiss exports could be reduced to 15%, matching the rate that was imposed on EU exports to the US, according to several media reports citing sources close to the talks. Bloomberg reported that a deal could be closed within weeks.
“We will not comment on ongoing discussions,” a Swiss Economy Ministry spokesperson told CNBC, adding that Swiss Economy Minister Guy Parmelin “is in regular contact with the relevant US authorities, including USTR Jamieson Greer.”
CNBC has contacted the White House for further comment and is awaiting a response.
The tax was greeted with dismay in Switzerland, whose main exports include watches, jewellery, machinery, chocolate, electronics and chemicals and pharmaceuticals. Swiss company shares Sample group and Richemont traded higher at the market open on Tuesday.
High-profile Swiss companies have been vocal about the damage the tariff was causing, with the CEO of Swiss luxury watch maker Breitling telling CNBC that the tariff was “horrible” for Switzerland.
The 39% tariff was among the highest tariffs Trump imposed in his global tariff campaign this year, with the president angered by trade imbalances with Switzerland and many other countries.
According to the Office of the U.S. Trade Representative, the U.S. goods trade deficit with Switzerland totaled $38.5 billion last year. The Swiss government said the trade relationship between the two was “relatively balanced,” according to a CNBC translation.
“The United States has a surplus in services exports and Switzerland has a surplus in goods exports,” the government said in August, adding that its goods surplus is not due to unfair trade practices and that more than 99% of American goods can be imported into Switzerland without being subject to tariffs.
