Implementation of lower US tariffs on Switzerland targeted in coming days

The US and Switzerland are working towards implementing a reduction in US tariffs on Switzerland to 15% from 39% in the coming days, the Swiss government said after it sealed an initial deal last week.

On Friday, the Swiss government and the US reached a preliminary agreement to cut the tariffs to 15% more than three months after US President Donald Trump hit Switzerland with the highest import duties in Europe. This tariff increase had caused concern in numerous industries, including the luxury watch sector.

Swiss Economy Minister Guy Parmelin told Tuesday’s edition of the Aargauer Zeitung newspaper that the government expected it would take 10 to 12 working days for the lower tariffs to enter the system, but declined to give a precise date.

A spokesperson for the Swiss economy ministry said on Wednesday that Switzerland and the US aim to implement the lower US tariff rate as quickly as possible. “The technical implementation will take a few days,” the spokesperson said, adding that the government would inform the public once that process is complete.