On 14/11, US trade representative Jamieson Greer announced on CNBC that a trade agreement had been reached with Switzerland. He stated, "They will bring more manufacturing activities to the US, from pharmaceuticals and gold refining to rail equipment. We are excited about this agreement and what it brings to US manufacturing."

On the same day, the Swiss government announced on X that import tariffs would be reduced from 39% to 15%. The Swiss economy minister later revealed that under the agreement, Switzerland would invest 200 billion USD in the US by 2028, with the largest portions in pharmaceuticals and medical technology. Earlier this year, Swiss pharmaceutical giant Roche committed to investing 50 billion USD in the US.

Swiss flag at a port in Geneva in 3/2024. Photo: *Reuters*

Switzerland will also reduce import tariffs on various US goods, including all industrial products, fish, seafood, and "non-sensitive" agricultural products. "Under the agreement, Switzerland will exempt import tariffs on 500 tons of US beef, 1,000 tons of bison meat, and 1,500 tons of poultry," the Swiss government's announcement stated.

Greer noted that the agreement's details "have been negotiated since April" and would be published on the White House website. This agreement means US import tariffs on Switzerland are now equivalent to those on the European Union, Japan, and South Korea. Greer explained, "As with all other agreements, we still maintain import tariffs to control the trade deficit."

In July, US President Donald Trump announced a 39% tariff on Swiss goods after the Swiss delegation failed to reach an agreement during negotiations in Washington. This was one of the highest tariffs the US imposed on its trade partners.

As an export-driven economy, Switzerland was significantly affected by these tariffs. Last month, Swiss officials lowered their 2026 economic growth forecast, stating that industries were under "heavy pressure" from US import tariffs. Switzerland's largest export products include: watches, pharmaceuticals, precious metals, luxury goods, chocolate, and cosmetics.

The Swiss franc increased 0.4% against the USD after the agreement was announced.

By Ha Thu (Reuters, CNBC)