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Mint
7 minutes ago
- Mint
President of wealthy Switzerland rushes to Washington to try to avert steep US tariffs
GENEVA — After weeks of working with U.S. officials to try to avoid hefty tariffs on Swiss goods, negotiators from Switzerland got assurances that a deal was all but done. Swiss businesses vowed to pour tens of billions in investment in the United States in the coming years. Still, President Donald Trump said no to any special deal. Now a scramble is underway ahead of Thursday, the deadline for when the whopping 39% tariff on Swiss products announced last week goes into effect. Switzerland's President Karin Keller-Sutter and other top officials traveled to Washington on Tuesday to try to convince Trump that the measure — among the highest from the Trump administration — was too much and could cut profits for famed Swiss industries like chocolates and watchmaking. The new rate is over 2 1/2 times higher than the one on European Union goods exported to the U.S. and nearly four times higher than on British exports to the U.S. — raising questions about Switzerland's ability to compete with the 27-member bloc that it neighbors. Under the U.S. announcements from last Friday, the export duties imposed on Swiss companies will now only be surpassed by those on firms from Laos, Myanmar and Syria, which are facing 40-41% rates. Switzerland's case is a lesson in do's and don'ts of doing business with Trump. The thinking goes, if a rich country with economic might that excels in technology, pharmaceuticals and finance can't convince the U.S. president to scale back the high tariffs, who can? Trump himself seems to be focused on a single, high number: Switzerland's trade surplus in goods with the U.S. In an interview with CNBC on Tuesday, Trump alluded to a recent call he had with Keller-Sutter, saying 'the woman was nice, but she didn't want to listen' and that he had told her: 'We have a $41 billion deficit with you, Madame.' It was not immediately clear where that $41 billion figure came from. According to the U.S. Census Bureau, the U.S. ran a $38.3 billion trade imbalance on goods last year with Switzerland. That figure excludes exports of services. Keller-Sutter, who also serves as Switzerland's finance minister, has faced criticism in Swiss media over the last-ditch call with Trump before a U.S. deadline on tariffs expired Aug. 1, which some say appeared to make things worse. The 39% rate is even higher than the 31% on Swiss goods announced on Trump's 'Liberation Day' in early April — before the Swiss started negotiating with U.S. officials. The new figure took many Swiss business leaders by surprise. 'It's hard to negotiate when you're dealing with someone as unpredictable as Donald Trump,' said Ivan Slatkine, head of the Federation of Romandie Enterprises, which groups companies in the French-speaking part of Switzerland. 'We had a government that gave the impression the deal was done, it only awaited a signature from the president,' Slatkine told The Associated Press over the phone. 'We have the impression that we were punished, but we don't know why.' The United States is Switzerland's second-biggest trading partner after the EU, which nearly surrounds the Alpine country of more than 9 million. The Swiss government said Tuesday's trip was meant to 'facilitate meetings with the U.S. authorities at short notice and hold talks with a view to improving the tariff situation for Switzerland.' Swiss officials have argued that American goods face virtually zero tariffs in Switzerland, and the Swiss government says the wealthy Alpine country is the sixth-biggest foreign investor in the U.S. and the leading investor in research and development. Switzerland's powerful pharmaceutical industry — which promised tens of billions of investments in the U.S. in recent months amid the tariff worries — is exempt from the 39% rate. But Slatkine said the steep tariff level could be aimed to send Switzerland's Big Pharma — epitomized by Roche and Novartis — a message that it too could come under pressure. The trip comes a day after Switzerland's executive branch, the Federal Council, held an extraordinary meeting and said it was 'keen to pursue talks with the United States on the tariff situation,' according to a government statement. After consulting with Swiss businesses, the council said it had developed 'new approaches for its discussions' with U.S. officials and was looking ahead to continued negotiations. "Switzerland enters this new phase ready to present a more attractive offer, taking U.S. concerns into account and seeking to ease the current tariff situation," the council said. According to figures published by the Swiss Embassy in Washington, the U.S. has been Switzerland's most important goods export market since 2021, while Switzerland is the fourth most important export market for U.S. services — not goods. The bilateral trade volume in goods and services between Switzerland and the U.S. reached a total of $185.9 billion in 2023, the embassy says on its website. This article was generated from an automated news agency feed without modifications to text.
Indian Express
36 minutes ago
- Indian Express
RPAs for 3 services to mountain radars: DAC clears procurements worth Rs 67,000 cr
The Defence Acquisition Council (DAC) chaired by Defence Minister Rajnath Singh on Tuesday approved a range of military procurement proposals for the armed forces worth nearly Rs 67,000 crore. These include the procurement of Medium Altitude Long Endurance (MALE) Remotely Piloted Aircraft (RPAs) for the three services, a compact autonomous surface craft for the Navy, maintenance support for the C-17 and C-130J fleets of the Indian Air Force (IAF), and a comprehensive annual maintenance contract for the S-400 long range air defence missile system. The DAC's approval for the maintenance of both American and Russian platforms with the IAF can be considered a display of strategic autonomy by India, especially at a time when the US President Donald Trump has been criticising India over its crude oil imports from Russia, a move New Delhi termed 'unjustified and unreasonable targeting' of the country. The IAF has a fleet of 12 C-130J-30 Super Hercules Aircraft, procured from the US in 2010-11, followed by additional orders in the subsequent years. The IAF operates a fleet of 11 C-17 Globemaster III aircraft procured between 2013 and 2019. Both were procured by India from the US under separate Foreign Military Sale (FMS) agreements. India had signed the S-400 deal with Russia in 2018, a year after the US passed the Countering America's Adversaries Through Sanctions Act (CAATSA). The long range surface to air missile system played a critical role in defending Indian skies during Operation Sindoor between May 7 and 10. These procurements are particularly significant in the light of Operation Sindoor, which was launched by India on May 7 after the April 22 terror attack in Pahalgam that left 26 people dead, and appear to be drawn from lessons learnt from it. According to a statement issued by the Defence Ministry, the DAC has granted an Acceptance of Necessity (AoN) for the procurement of Thermal Imager-based Driver Night Sights for the Battle Mechanised Platforms with the Army, which will enhance the night driving capability of BMPs and provide higher mobility and operational advantage to the mechanised infantry. The DAC is the primary body responsible for approving major capital acquisitions in defence. The first step in the defence procurement process is the Acceptance of Necessity (AoN). However, obtaining an AoN does not always lead to a final order. The DAC also approved the procurement of the compact autonomous surface craft, the BrahMos fire control system and launchers, and the upgrade of the BARAK-1 point defence missile system for the Navy. 'The procurement of the compact autonomous surface craft will enable the Indian Navy to detect, classify and neutralise threats during anti-submarine warfare missions,' the statement said. For the Indian Air Force, an AoN was granted for the procurement of mountain radars and the upgrade of the SAKSHAM/SPYDER weapon system, which will enhance air surveillance capabilities along and across borders in mountainous regions. The upgrade of the SAKSHAM/SPYDER system for integration with the Integrated Air Command and Control System will strengthen India's air defence capabilities. Additionally, the procurement of MALE RPAs for three services will support round-the-clock surveillance and combat readiness, as these aircraft can carry multiple payloads and weapons while operating at longer ranges for extended missions.
News18
36 minutes ago
- News18
"Country Over Politics" Texas Democrats Hunker Down In Blue States, House Fails To Reach Quorum
Democratic legislators from Texas are still hunkered down in various blue states across the country, as they maintain their quorum break over a new congressional map proposed by state Republicans. Illinois governor JB Pritzker, who has welcomed several fleeing lawmakers, said that Texas Democrats are 'leading the way in choosing courage and country over politics and party'. President Donald Trump said that the Republican party is 'entitled' to the five House seats they could pick up if the Texas map is approved. He also criticized blue states for accepting Texas Democrats. 'You notice, they go to Illinois for safety, but that's all gerrymandered. California is gerrymandered. We should have many more seats in Congress in California. It's all gerrymandered,' he said. n18oc_world n18oc_crux
