Swiss to ease recognition of US standards for cars, medical devices as trade deal sought
Switzerland's Steps Toward Strengthening US Trade Relations
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.
Formalising the Trade Agreement
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.
Benefits for Swiss Exporters
"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 Negotiations
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, has already met with U.S. Trade Representative Jamieson Greer in Washington.
US Response to Swiss Progress
Greer's office said it welcomed Switzerland's progress in implementing parts of the November accord and that the U.S. would continue working towards removing more non-tariff barriers and securing additional market access for American exporters.
Continuing Trade Talks
Parmelin said talks on formalising a trade deal were ongoing.
Background on Tariffs and Future Outlook
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.
Upcoming Changes to 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)