(MENAFN) Swiss executives presented luxury gifts to US President Donald Trump shortly before Bern and Washington announced a new trade deal reducing US import tariffs, according to media reports.

The agreement, unveiled Friday, cuts the Trump administration’s 39% tariff on Swiss goods to 15% and includes a pledge by Swiss companies to invest $200 billion in the US economy. The original tariff increase took effect in August, following Trump’s ‘Liberation Day’ speech in April outlining a global trade overhaul.

Reports say the breakthrough followed a November 4 visit to the White House by Swiss executives, who gave Trump high-value items, including a personalized gold bar and a gold Rolex desk clock. The bar, worth over $130,000, was engraved with 45 and 47 in reference to Trump’s presidential terms and was accepted on behalf of his library under US gift rules. The delegation included senior figures from MKS, Rolex, Richemont, and commodity trader Mercuria.

The gifts drew criticism in Switzerland, with the Green Party labeling the deal a “surrender agreement” and accusing the economic elite of yielding to Trump’s demands. Party leader Lisa Mazzone said consumers and farmers would ultimately “pay the price” and questioned the “questionable methods and gifts of gold.”

Swiss Economy Minister Guy Parmelin defended the approach, saying the country has not “sold its soul to the devil” and that the visit helped advance negotiations. He noted that some executives were friends of Trump “because they play golf with him.”

Washington welcomed the outcome. US Trade Representative Jamieson Greer said the investment commitments would bolster domestic industry.

The agreement aligns with Trump’s broader reset of US trade ties, under which several countries have renegotiated tariff terms. In July, the EU accepted a 15% tariff on most goods and pledged major energy purchases and investments. Critics argue that Trump’s sweeping tariffs on imports have raised costs for US consumers.

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