Negotiations fail - 39% tariffs weigh on Swiss exports to the US
Switzerland will continue talks with the United States after President Donald Trump imposed crushing tariffs on imports from Zurich that threaten to cause serious damage to its economy.
The 39% tax on imports, one of the highest ever imposed by Trump as part of his global trade overhaul, took effect on Friday after a last-minute effort by Swiss officials failed to secure a more favorable deal.
The tariffs are expected to significantly limit the small Alpine country's access to the US market, which is among the most important for exports of Swatch, Rolex and Patek Philippe watches, as well as quality cheeses and chocolates.
The US is also the biggest market for Swiss pharmaceutical drugs, worth $35 billion last year, produced by companies such as Roche and Novartis, although these exports are not currently included in the 39% rate.
"The Federal Council will continue its efforts to improve the customs situation. It will fight for this," President Karin Keller-Sutter told reporters after an emergency meeting of the seven-member Federal Council.
Keller-Sutter left Washington on Wednesday without a deal, after a hastily arranged trip during which she did not meet with Trump or any of his top trade representatives, according to two sources. Her proposal for a 10% tariff rate was rejected by U.S. officials, one of the sources added.
Economy Minister Guy Parmelin warned that "in the end, you can have the best possible deal with Department A, with two or three departments. But the President of the United States has to approve it and give his opinion. And then he is the one who decides," the official said.
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