Swiss Industry Pushes for Binding U.S. Trade Deal Amid Tariff Uncertainty

Swiss industry association Swissmem has called on the Swiss government to finalize a trade deal with the United States, despite recent uncertainty following the U.S. Supreme Court's decision to overturn tariffs imposed by former President Donald Trump.

At the height of Trump's trade measures, Switzerland faced the highest tariffs in Europe, with a 39% import duty. However, in November, an interim agreement reduced this to 15%, aligning with the European Union's rate. Talks are ongoing to solidify this arrangement, with Washington urging a conclusion by the end of the first quarter.

In response to the court's ruling, Swissmem stressed the importance of turning the preliminary accord into a legally binding document, warning of potential future tariff legitimizations. Meanwhile, Switzerland's mechanical and electrical engineering exports to the U.S. saw an 18% decline in the previous year's final quarter due to the tariffs.