US and Switzerland close to tariff agreement - Focus of talks on reducing Swiss trade surplus
The United States and Switzerland moved closer to a trade deal to reduce the 39% tariffs imposed by President Donald Trump on Swiss imports. The pact includes reducing Switzerland's trade surplus with the United States, after talks in Washington, officials from both countries said.
The Swiss representative told reporters after the meeting that the parties “had a very good conversation” and clarified “almost everything.” Another Swiss source, who spoke on condition of anonymity, said that an agreement had practically been reached.
According to US officials, the meeting was "very positive" and could lead to a reduction in tariffs if Trump accepts the proposed terms.
Swiss officials presented a plan to reduce and eliminate the trade surplus with the U.S. The United States will also benefit from a significant reduction in Swiss tariffs on American products, as well as reductions in non-tariff barriers.
Switzerland had a $38.3 billion trade surplus with the United States in 2024, according to U.S. Census Bureau data. That surplus grew to $55.7 billion in 2025 through July, largely due to a surge in U.S. imports during the first quarter, before Trump imposed the “reciprocal” tariffs in early April.
The American official also said that announcements by Swiss pharmaceutical companies, such as Roche, to invest in the US are having a positive impact.
“There is a fairly focused effort by the Swiss business community to make sure that many of the factors that create our deficit with Switzerland are shifted here to the United States, so that the sources of this concern are reduced or eliminated,” he explained.
Before the meeting in Washington, a Swiss source had said the country hoped to reach an agreement to reduce tariffs to 15% this week or next week.
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