Swiss president rushes to US to avert steep tariffs

Straits Times

2 days ago

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The United States is a key trading partner for Switzerland, taking 18.6 per cent of its total exports in 2024, according to Swiss customs data.
ZURICH – Switzerland's president and economy minister flew to Washington on Aug 5 in a last-minute push to stop steep new tariffs that have blindsided the Alpine country.
Switzerland faces a 39 per cent duty, one of the highest among the dozens of economies that will be hit by new tariffs expected to come into force from Aug 7.
President Karin Keller-Sutter and Economy Minister Guy Parmelin were heading to Washington 'to facilitate meetings with the US authorities at short notice and hold talks with a view to improving the tariff situation for Switzerland', the government said in a statement.
'The aim is to present a more attractive offer to the United States in a bid to lower the level of reciprocal tariffs for Swiss exports, taking US concerns into account.'
US President Donald Trump had originally threatened in April to slap a 31 per cent tariff on Switzerland.
But he surprised the export-driven country last week when he decided to
hike the rate to 39 per cent despite numerous discussions between Swiss and US officials aimed at reaching a deal.
The Swiss government noted that the country will be hit by much higher tariffs than what other wealthy economies, such as Britain, Japan or the European Union, are facing.
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The Swiss government held an emergency meeting on Aug 4.
During the extraordinary meeting, the government 'reaffirmed that it was keen to pursue talks with the United States on the tariff situation', the statement on Aug 5 said.
'For this reason,' the president and the economy minister 'are to travel to Washington on Tuesday'.
US Trade Representative Jamieson Greer, however, indicated on Aug 3 that the tariffs on global trading partners which are coming into force this week were unlikely to change.
'These tariff rates are pretty much set,' Mr Greer told CBS television's Face the Nation program.
Swiss surplus
Ms Keller-Sutter, who is also the country's finance minister, and Mr Parmelin, who is also the vice-president, took off on the morning of Aug 5, a Swiss government official said.
They will be accompanied by a small delegation, including the heads of the economy and international finance departments, but no business leaders.
The government said it will 'issue a statement as soon as there are any relevant developments for the public'.
Swiss companies have urged the government to negotiate a lower tariff.
The United States is a key trading partner for Switzerland, taking 18.6 per cent of its total exports in 2024, according to Swiss customs data.
Ms Keller-Sutter has said Mr Trump believes that Switzerland 'steals' from the United States by enjoying a trade surplus of 40 billion Swiss francs (S$64 billion).
Pharmaceuticals represented 60 per cent of Swiss goods exports to the United States in 2024, followed by machinery and metalworking at 20 per cent and watches at eight per cent.
The chocolate industry has also warned that the tariffs were a 'tough blow'. AFP