Switzerland Eases Path for US Standards in Cars, Medical Devices Amid Trade Talks
Switzerland's Steps Toward US Trade Alignment
Streamlining Recognition of US Standards
ZURICH, June 30 (Reuters) - Switzerland plans further steps to underpin commitments made in a preliminary U.S. tariff deal last year, including streamlining recognition of American standards for cars and medical devices, the government said late on Monday.
Facilitating Trade Agreement Formalization
As it seeks to formalise a trade agreement with Washington, Switzerland's governing Federal Council said the measures also included facilitating recognition for U.S. conformity assessment bodies and government procurement.
"This announcement further contributes to the stabilisation of bilateral economic relations between Switzerland and the United States and gives Swiss exporters greater planning certainty," it said in a statement.
Regulatory Amendments and Expectations
The Federal Council said it would execute the planned measures through regulatory amendments, and that it expected the United States to honour its side of the initial agreement on tariffs the two reached in November last year.
Diplomatic Engagements and Ongoing Talks
President Parmelin's North American Visit
The government made the announcement as Swiss President Guy Parmelin began a visit to the United States, Canada and Mexico lasting until July 9. Parmelin, who is also economy minister, is due to meet U.S. Trade Representative Jamieson Greer this week.
Background on US Tariffs
Tariff History and Recent Reductions
Switzerland last summer was subject to the highest U.S. tariffs in Europe when President Donald Trump set a 39% duty on products imported from the country. The November deal cut the tariffs to 15%, mirroring the rate for the European Union.
Status of Trade Accord Negotiations
Talks to formalise the accord are ongoing. That so far looks unlikely to occur during Parmelin's current trip, according to a Swiss source familiar with the matter.
Future Prospects for US Tariffs
A universal 10% U.S. tariff set by the Trump administration in February, after the U.S. Supreme Court declared some earlier tariffs illegal, expires on July 24. Many analysts believe that could be replaced with higher levies.
(Reporting by Dave Graham; Editing by Jamie Freed)
