The United States will reduce the reciprocal tariff applied against Switzerland to 15%, from 39% previously, under a non-binding memorandum of understanding, the Swiss government said in a statement this Thursday (13).
The document also highlights that Swiss companies plan to direct investments in the USA in the amount of US$ 200 billion by the end of 2028, including initiatives aimed at professional education.
According to the statement, the understanding is based on the offer approved by the Federal Council on August 4, “aiming at reduce the bilateral deficit in trade of goods with the USA”. The declaration of intent was agreed “after intensive discussions”, says the text.
Switzerland claims that it also will reduce import tariffs on several US products. This includes all industrial products, fish and seafood, as well as agricultural items considered non-sensitive.
To serve other U.S. export interests, the country will grant exempt tariff quotas: 500 tons for beef, 1,000 tons for bison meat and 1,500 tons for poultry meat. Implementation will be coordinated with Washington to ensure simultaneous cuts.
Switzerland emphasizes that the announcement of the tariff reduction will help to “stabilize bilateral commercial relations”. Although total tariffs remain higher than before the surcharges imposed in April, the government says the measure “should have a positive impact on the Swiss economy.”
