Topline
The U.S. and Switzerland have reached a trade agreement that will lower tariffs on Swiss goods to 15%, American and Swiss officials announced on Friday, after President Donald Trump’s levies disrupted trade in Switzerland’s luxury exports.
Trade of Switzerland’s largest exports—luxury jewelry, coffee and chocolate—was disrupted by Trump’s tariffs.
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Key Facts
The U.S. has “essentially” reached a trade agreement to lower tariffs on Swiss goods from 39% to 15%, U.S. trade representative Jamieson Greer said.
Switzerland committed to investing $200 billion in the U.S. throughout Trump’s second presidency, including $70 billion next year, with investments across pharmaceuticals and gold smelting, in addition to purchasing more Boeing commercial planes, Greer said.
Greer noted Switzerland planned to “send a lot of manufacturing here” to the U.S., and pointed to Swiss pharmaceutical giant Roche pledging earlier this year to invest $50 billion.
Both Greer and the Swiss government said additional details from the trade agreement would be revealed by 4 p.m. on Friday.
What Swiss Goods Were Impacted By Trump’s Tariffs?
Total goods trade between the U.S. and Switzerland was an estimated $88.4 billion in 2024, according to U.S. estimates. The U.S. has remained Switzerland’s largest foreign watch market for years, as exports to the U.S. have grown 14% each year since 2019, a rate reportedly three times faster than the worldwide average. Several luxury watchmakers call Switzerland home, including Rolex, Patek Philippe, Omega, Tag Heuer and Audemars Piguet, though other goods are produced in Switzerland, like Lindt chocolate, Nestlé’s Nespresso coffee, precision instruments by Mettler Toledo and medical devices from Alcon and Sonova, among others. After Trump proposed broader tariffs on U.S. trade partners in April, Swiss watch exports surged 18.2% and shipments to the U.S. surged 149%, according to the Federation of the Swiss Watch Industry. Swiss gold was exempt from the levies, despite brief speculation the fine metals would be impacted by “surprise” tariffs in August.
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Source: https://www.forbes.com/sites/tylerroush/2025/11/14/us-and-switzerland-reach-trade-agreement-lowering-tariffs-to-15/
