The United States and Switzerland have agreed to reduce tariffs on Swiss imports to 15%, a notable step in improving their trade relations.
U.S. Trade Representative Jamieson Greer confirmed the deal in a recent CNBC interview, with details posted by the Swiss government on social media platform X.
Swiss firms have committed to investing around $200 billion in the U.S. by 2028, including support for education and workforce training. Greer expressed optimism, saying, “They’re going to send a lot of manufacturing here to the United States — pharmaceuticals, gold smelting, railway equipment — so we’re really excited about that deal and what it means for American manufacturing.”
The agreement aligns tariffs on Swiss goods with those imposed on European Union imports. Earlier this year, Switzerland faced punitive 39% tariffs under the Trump administration after talks faltered, severely affecting its export-driven economy.
Though tariffs remain to manage the U.S. trade deficit, Switzerland has pledged to address its surplus by encouraging Swiss companies to expand manufacturing in the U.S., reducing trade imbalances. Roche, the pharmaceutical giant, has already committed $50 billion to U.S. investment.
The Swiss government called the tariff reduction a stabilising move for bilateral trade relations. Despite tariffs remaining above pre-2025 levels, the reduction is expected to positively impact Switzerland’s economy, which recently lowered its 2026 growth forecast citing tariff pressures.
Switzerland’s key exports include watches, pharmaceuticals, and precious metals, along with luxury chocolates and skincare items. Following the announcement, the Swiss franc rose 0.4% against the U.S. dollar, reflecting positive market sentiment.