Swiss Companies Invest $27 Billion in US After Tariff Agreement Signed
Surge in Swiss Investment Following US Tariff Deal
ZURICH, June 7 (Reuters) - Swiss companies invested $27 billion in the United States between January and April, as Switzerland moves to fulfil a pledge to sharply increase investment following a tariff agreement with Washington, NZZ am Sonntag reported.
The figure was contained in an internal email from the Swiss-American Chamber of Commerce to its members seen by the newspaper, it said.
Background of the Investment Pledge
• Switzerland and the U.S. said on November 14 that Swiss companies would invest $200 billion in the U.S. over the next five years. The pledge formed part of a preliminary agreement under which U.S. President Donald Trump reduced punitive tariffs on Swiss goods to 15% from 39%, after imposing the higher rate at the beginning of August.
Major Swiss Investors and Projects
• The investors include Novartis which has announced two U.S. projects, including a biomedical research centre in San Diego and a cancer-drug production facility in Texas, while Roche is expanding output in North Carolina. Medical technology company Ypsomed is building a new factory in the state.
Other Notable Investments
• Other investments include shipping group MSC's new North American headquarters in Miami. The newspaper said this also covers spending on cruise and logistics operations.
• Industrial companies including machine tool maker Pfiffner Group and electronics firm Elma are expanding U.S. production capacity.
Statements from Swiss-American Chamber of Commerce
• "We are model students and we fulfil our promises," Swiss Amcham Chief Executive Rahul Sahgal was quoted as saying.
Recent US Tariff Measures
• Washington this week announced new tariffs against countries it says are not doing enough to combat forced labour.
• The U.S. plans a 12.5% tariff on Swiss goods under that measure, compared with 10% for EU goods, the newspaper said.
(Reporting by John Revill, Editing by William Maclean)
