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The United States and Switzerland are nearing a trade agreement that could significantly reduce President Donald Trump’s 39% tariffs on Swiss imports, according to officials from both countries. The potential deal, discussed during high-level meetings in Washington, aims to ease pressure on Swiss exporters and narrow Switzerland’s sizable trade surplus with the U.S.
Swiss Economy Minister Guy Parmelin said after meeting U.S. Trade Representative Jamieson Greer that the talks were productive and that “virtually everything” had been clarified. While Parmelin avoided revealing specific terms, he noted that more communication would follow once details were finalized. A Swiss source familiar with the negotiations suggested that the two sides had effectively reached an understanding.
A senior U.S. official echoed the positive outlook, noting that tariff reductions could move forward if President Trump approves the proposed framework. According to the official, Switzerland presented a strategy to gradually reduce its trade surplus with the U.S. while also offering to lower Swiss tariffs on American goods and ease non-tariff barriers.
Switzerland’s goods trade surplus with the U.S. reached $38.3 billion in 2024 and rose to $55.7 billion through July 2025, partly due to heavy front-loaded U.S. imports before the tariffs took effect in April. The U.S. has also welcomed recent investments by major Swiss pharmaceutical companies like Roche, which are seen as steps toward rebalancing trade flows.
Swiss industries—including precision instruments, machinery, watchmaking, and food production—stand to benefit significantly if tariffs fall to 15%, a level Switzerland hopes can be approved soon. Economists at ETH Zurich’s KOF Economic Institute estimate that the current 39% tariff puts up to 15,000 Swiss jobs at risk, while a lower rate would restore confidence and boost economic growth above 1% in 2026.
For Swiss businesses, a reduction to 15% offers what experts describe as a much-needed “ray of hope,” signaling relief for key export sectors and the broader economy.
