(MENAFN- Swissinfo) Switzerland is inching closer to a deal to cut punishing US tariffs on its exports to about 15 per cent, as companies from Rolex to Richemont take the lead in breaking months of deadlock between Bern and Washington. This content was published on November 11, 2025 - 08:52 5 minutes Mercedes Ruehl in Zurich and Aime Williams in Washington, Financial Times

After months of frustration and stalled diplomacy Swiss business leaders stepped in to drive the talks forward, moving from lobbying on the sidelines to engaging directly with the Trump administration. Companies said they were starting to feel the strain of the 39 per cent tariffs imposed on most Swiss goods in August - the highest levies faced by any developed economy.

According to several people briefed on the discussions, Switzerland is closing in on a 15 per cent rate - matching the rate levied on the EU's exports to the US. Several put the timeframe as being only several weeks away but others said the situation was fluid and could drag on longer.

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US President Donald Trump said on Monday that he had not yet settled on the tariff rate he would impose on Switzerland, but confirmed Washington was“working on a deal to get the tariffs a little lower”.

“We hit Switzerland very hard. [But] we want Switzerland to remain successful,” Trump said from the Oval Office.

Swiss shock

Swiss negotiators led by president and finance minister Karin Keller Sutter had believed they were close to reaching an agreement of about 10 per cent tariffs in the summer only for the White House to impose 39 per cent - shocking the country's politicians and business leaders.

Switzerland itself has already abolished all industrial tariffs and the US is the country's top export market for goods including watches, chocolate and machinery. Trump signalled that the estimated $39bn US trade deficit with Switzerland was the key reason for the high levy.

Keller-Sutter, whom Trump complained“didn't want to listen” to his complaints about the US trade deficit with Switzerland, later handed responsibility to economy minister Guy Parmelin, who will assume the federation's rotating presidency next year.

However, the private sector has become the driving force that has shifted the impasse after months of little progress, people close to negotiations said. Switzerland's original messaging - that the 39 per cent tariff on its goods was unfair - was dropped in favour of a more pragmatic push led by companies themselves, the people said.

More More Trade policy Explainer: How the new US tariffs are already impacting the Swiss economy

This content was published on Sep 8, 2025 On August 1, US President Donald Trump announced a tariff of 39% for Switzerland. The effects are slowly becoming visible.

Read more: Explainer: How the new US tariffs are already impacting the Swiss ec

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