The United States and Switzerland said on Friday that they have reached an agreement to sharply lower tariffs imposed by President Donald Trump, with the Alpine nation vowing to invest $200 billion in the U.S. to win over the White House.
The deal was announced a day after talks in Washington, where Swiss economy minister Guy Parmelin visited in hopes of easing steep duties the Trump administration rolled out this year. As part of the deal, “Swiss companies intend to make $200 billion in direct investments in the United States by the end of 2028,” a Swiss government statement said. This would also include efforts to strengthen vocational education and training.
Trump shocked Switzerland in August when he slapped an additional 39% duty on imports of goods from the country, among the highest in his global tariff blitz. The high tariff rate had jeopardized entire sectors of the export-heavy Swiss economy, notably watchmaking and industrial machinery, but also chocolate and cheese.
The latest framework agreement brings this tariff down to 15% for Switzerland and Liechtenstein products, the White House said. The new rate will serve as a ceiling for goods previously tariffed at lower levels, while goods already facing tariffs above 15% will not be additionally hit—similar to U.S. deals with other key partners.
“We’ve essentially reached a deal with Switzerland,” U.S. Trade Representative Jamieson Greer said. He added that the Swiss would send manufacturing, such as pharmaceuticals, gold smelting, and railway equipment, to U.S. shores.
A White House statement said the countries hope to conclude their full pact by the first quarter of 2026.
