The US will slash its tariffs on goods from Switzerland to 15% from a crippling 39% under a new framework trade agreement, the Swiss government said today.
The announcement followed US Trade Representative Jamieson Greer saying a deal between the two countries had been reached, adding that details would be announced later today.
Richemont Chair Johann Rupert, who met President Donald Trump in the White House last week as part of a delegation of Swiss business executives, earlier had said he thought the punitive tariffs imposed by Washington were the result of a "misunderstanding" that would be cleared up quickly.
"The Swiss and the Americans are very much the same - independent, don't like big government etc etc, so I think this misunderstanding will be cleared up this week," Rupert told reporters after Richemont reported its latest results.
Swiss Economy Minister Guy Parmelin returned home today after talks with Greer in Washington, saying: "We clarified virtually everything."
Parmelin declined to provide details of the discussions but said there would be further communication when everything is "finally clear."
The government gave no new details today.
A Swiss source, speaking on condition of anonymity, sai dafter the Thursday meeting that a deal had effectively bee nreached.
A senior US official said the meeting was "very positive."
Richemont's Rupert met Trump last week to discuss the impact of tariffs, along with executives from MSC, Rolex, Partners Group, Mercuria and MKS.
The meeting helped thaw relations with Washington, Swiss media reported, and Trump said earlier this week he was working on a deal to lower the tariffs on goods from Switzerland.
Rupert said it could be months before a deal is signed.
"It's dependent on President Trump, who's a very busy man. Our situation in Switzerland is one of the things he has to deal with," he said.
Swiss industry today reported a 14% fall in exports to the US during the three months to the end of September, technology industry association Swissmem said, while machine tool makers saw shipments slump 43%.
A potential reduction in tariffs to 15% would stabilise the Swiss economy, Rupert said, and prevent job losses caused by the higher duty.
"It's not only us. It's potentially devastating for the whole of Switzerland," he added.
