Headlines
Swiss minister speaks to Bessent in U.S., gives no sign of progress on tariffs
Published by Global Banking and Finance Review
Posted on October 17, 2025
2 min readLast updated: January 21, 2026
Global Banking and Finance Review
Company
Published by Global Banking and Finance Review
Posted on October 17, 2025
2 min readLast updated: January 21, 2026
Swiss Economy Minister Guy Parmelin discussed U.S. tariffs with Treasury Secretary Scott Bessent, but no progress was made on reducing the 39% levies.
ZURICH (Reuters) -Swiss Economy Minister Guy Parmelin said on Friday he had spoken briefly to U.S. Treasury Secretary Scott Bessent about the United States' 39% tariffs on Switzerland, but he gave no indication of progress on reducing the levies.
Speaking to Swiss television, Parmelin said that contact between the Swiss and U.S. governments was ongoing on various levels and that he had spoken to Bessent for "a few minutes".
"But that was very brief," Parmelin told Swiss national broadcaster SRF during a visit to Washington. "We're staying in contact, including at a technical level. The federal cabinet will communicate as soon as we have progress to report."
Parmelin was also asked whether he believed that a deal could be reached with Switzerland by the end of this month. He responded by reiterating that contact was ongoing.
"Again, it's not possible to say more today," he said.
Trump's decision in August to impose the tariffs on Switzerland stunned the country. He argued the tariffs were justified by the U.S. trade deficit with Switzerland.
Since then, the Swiss government has been working to cut the tariffs, but has yet to strike a deal with Trump.
(Reporting by Dave Graham and Oliver Hirt; Editing by Sarah Marsh)
A trade deficit occurs when a country's imports exceed its exports, leading to a negative balance of trade. It can impact the economy and currency value.
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