Published by Global Banking & Finance Review®
Posted on November 10, 2025
2 min readLast updated: January 21, 2026
Add as preferred source on GoogleTrump is negotiating with Switzerland to lower the 39% tariff on imports, with a potential new rate of 15% being discussed.
WASHINGTON/ZURICH (Reuters) -The United States is working with Switzerland on a deal to lower the 39% tariff rate it faces on exports to the U.S., President Donald Trump told reporters in the Oval Office on Monday, but said he had not yet settled on a new rate.
Switzerland has been scrambling to secure a trade agreement with Trump that could reduce the 39% tariff rate that he slapped on Swiss imports in August, among the highest duties levied in his global trade reset.
"We're working on a deal to get their tariffs a little bit lower," Trump said. "I haven't set any number, but we're going to be working on something to help Switzerland."
Trump acknowledged that the U.S. had hit Switzerland hard, but said Washington viewed Switzerland as a good ally and wants the Alpine country to remain successful.
The Swiss government declined to comment on Monday after Bloomberg reported the country was close to reaching a deal with the U.S. that would reduce Washington's tariffs on its exports to 15%.
"The talks are ongoing and we do not comment further," a spokesman for the Swiss Department of Economic Affairs said.
Bloomberg said a deal could be reached in the next two weeks, citing unnamed sources, adding that nothing had been finalized.
Washington imposed duties of 39% on Swiss imports in August, threatening access for Swiss companies, which number the United States as one of their biggest markets for watches, machine tools and chocolate.
(Reporting by Steve Holland and Andrea Shalal in Washington and John Revill in Zurich; Editing by Mark Heinrich and Matthew Lewis)
An export is a good or service sold by one country to another. Exports are a vital part of international trade and can significantly impact a country's economy.
An import is a good or service brought into a country from abroad for sale. Imports can affect domestic markets and economies by increasing competition.
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