Latest news with #FederalOfficeforCustomsandBorderSecurity
Kuwait Times
11-05-2025
- Business
- Kuwait Times
US, Swiss agree to speed up tariff talks
GENEVA: Switzerland and the United States agreed Friday to speed up negotiations towards a deal on averting further tariffs planned by Washington, the Swiss president said after talks with top US officials. As part of US President Donald Trump's global tariffs offensive unleashed on April 2, his administration has threatened to impose a 31 percent levy on Swiss exports to the United States. Such a move would be catastrophic for major sectors of Switzerland's economy including manufacturing and watchmaking. For now, Washington is imposing 10 percent tariffs on goods coming from Switzerland and much of the rest of the world. US Treasury Secretary Scott Bessent and China's Vice Premier He Lifeng are meeting in Geneva this weekend in an attempt to cool the trade war between the world's two biggest economies. That gave Swiss officials the opportunity to also hold negotiations on US tariffs. President Karin Keller-Sutter, who is also finance minister, and Economy Minister Guy Parmelin held talks with Bessent and US Trade Representative Jamieson Greer. Greer's office said in a statement: 'Both sides agreed to accelerate negotiations on reciprocal trade. The United States welcomes Switzerland's ambition in these negotiations,' adding that more talks would be held in coming weeks. 'We expect from the US side that we are really treated equally,' Keller-Sutter said after the meeting. 'We can't understand that we have been inflicted 31 percent and the European Union 20 percent,' she told a press conference, when Switzerland 'doesn't charge any industrial tariffs at all, we are at zero'. 'We also would like to accelerate the talks with the US authorities so that we can find a solution very quickly. This is also in the interests of both countries,' she said. The Geneva talks came a day after Britain reached a deal with the United States avoiding the worst of the new levies. Keller-Sutter noted that Switzerland was a key direct investor in the United States, in first place in research and development, and in fourth place in manufacturing. 'The US side was quite clear about the fact that they wanted to accelerate the process with Switzerland,' she said. After the deal with Britain, Washington 'couldn't guarantee that we would come second but that we would really be in a group of countries that are now treated swiftly', she said. She said a proposal for a letter of intent would be submitted aiming for a deal like Britain's. 'The aim of Switzerland is to come back to zero tariffs,' she said. Switzerland exports more to the United States than it imports from it. In 2024, the total value of Switzerland's goods exports to the United States is estimated to reach 52.65 billion Swiss francs ($63.7 billion), according to Switzerland's Federal Office for Customs and Border Security. Pharmaceutical products were the largest export, and the US is Switzerland's second-biggest trading partner after the EU. Imports of goods from the United States were valued at 14.13 billion francs, according to the customs office. There may be only so far that Bern can get Washington to bend. US Commerce Secretary Howard Lutnick said Thursday that Washington was likely to impose tariffs of more than 10 percent on trading partners with which it has a trade deficit. The potential repercussions of the Trump tariffs on Switzerland are still difficult to quantify. In its quarterly sales figures, Swiss food giant Nestle indicated that its Swiss-made Nespresso coffee pods were likely to be affected. Pharmaceuticals were not targeted in the tariffs announced in early April, though the Trump administration has blown hot and cold on such products since then. Faced with the uncertainties, two Swiss pharmaceutical heavyweights took their own initiatives. Novartis has said it will increase its investments in the United States by $23 billion over five years, and Roche plans to invest $50 billion over five years. – AFP
Iraqi News
09-05-2025
- Business
- Iraqi News
Swiss seize window of opportunity on Trump tariffs
Geneva – Switzerland will once again Friday try to talk its way out of punitive tariffs on its exports to the United States, which would have serious ramifications for Swiss jobs and businesses. US Treasury Secretary Scott Bessent and China's Vice Premier He Lifeng are meeting in Geneva in an attempt to cool the trade war between the world's two biggest economies. That has given the Swiss another chance to twist Washington's arm over the global wave of tariffs unleashed by US President Donald Trump on April 2, and comes a day after Britain reached a deal with the United States avoiding the worst of the punitive levies. Swiss President Karin Keller-Sutter, who is also the country's finance minister, and Economy Minister Guy Parmelin are set to meet Bessent and US Trade Representative Jamieson Greer at a top hotel in Geneva. Few details have been made public about the talks, but the Swiss were also set to meet Vice Premier He and were due to hold a press conference later on Friday. Keller-Sutter and Parmelin already met Bessent and Greer in Washington late last month in a bid to negotiate lower tariffs. – Watchmakers on borrowed time? – Given the size of Switzerland's trade surplus — exporting more to the United States than it imports from it — the Trump administration has threatened to impose a 31 percent levy on Swiss exports to the United States. This would be catastrophic for major sectors of Switzerland's economy, such as manufacturing and watchmaking. For now, Washington is imposing a 10 percent levy on goods coming from Switzerland. In 2024, the total value of Switzerland's goods exports to the United States was expected to reach 52.65 billion Swiss francs ($63.7 billion), with pharmaceutical products being the largest export. Imports of goods from the United States were valued at 14.13 billion francs, according to Switzerland's Federal Office for Customs and Border Security. Switzerland is the sixth-largest foreign investor in the United States, and ranks first in research and development, with pharmaceuticals being a key sector. The United States is Switzerland's biggest trading partner after the European Union. – Nespresso and big pharma – There may be only so far that Keller-Sutter can get Washington to bend. US Commerce Secretary Howard Lutnick said Thursday that Washington was likely to impose tariffs of more than 10 percent on trading partners with which it has a trade deficit. 'The 10 percent baseline is for those countries that have (a) balanced budget with us, that are the best,' Lutnick told CNBC television. 'Those who had trade deficits are going to have a higher tariff.' The potential repercussions of the Trump tariffs on Switzerland are still difficult to quantify. When publishing its quarterly sales figures, food giant Nestle indicated that its Swiss-made Nespresso coffee pods were likely to be affected. Pharmaceuticals were not targeted in the tariffs announced in early April — though the Trump administration has blown hot and cold on such products since then. Faced with the uncertainties, two Swiss heavyweights in the sector took their own initiative. Novartis announced in mid-April that it was increasing its investments in the United States by $23 billion over five years, with Roche announcing shortly afterwards that it likewise planned to invest $50 billion over five years.
The Sun
09-05-2025
- Business
- The Sun
Swiss seize window of opportunity on Trump tariffs
GENEVA: Switzerland will once again Friday try to talk its way out of punitive tariffs on its exports to the United States, which would have serious ramifications for Swiss jobs and businesses. US Treasury Secretary Scott Bessent and China's Vice Premier He Lifeng are meeting in Geneva in an attempt to cool the trade war between the world's two biggest economies. That has given the Swiss another chance to twist Washington's arm over the global wave of tariffs unleashed by US President Donald Trump on April 2, and comes a day after Britain reached a deal with the United States avoiding the worst of the punitive levies. Swiss President Karin Keller-Sutter, who is also the country's finance minister, and Economy Minister Guy Parmelin are set to meet Bessent and US Trade Representative Jamieson Greer at a top hotel in Geneva. Few details have been made public about the talks, but the Swiss were also set to meet Vice Premier He and were due to hold a press conference later on Friday. Keller-Sutter and Parmelin already met Bessent and Greer in Washington late last month in a bid to negotiate lower tariffs. Watchmakers on borrowed time? Given the size of Switzerland's trade surplus -- exporting more to the United States than it imports from it -- the Trump administration has threatened to impose a 31 percent levy on Swiss exports to the United States. This would be catastrophic for major sectors of Switzerland's economy, such as manufacturing and watchmaking. For now, Washington is imposing a 10 percent levy on goods coming from Switzerland. In 2024, the total value of Switzerland's goods exports to the United States was expected to reach 52.65 billion Swiss francs ($63.7 billion), with pharmaceutical products being the largest export. Imports of goods from the United States were valued at 14.13 billion francs, according to Switzerland's Federal Office for Customs and Border Security. Switzerland is the sixth-largest foreign investor in the United States, and ranks first in research and development, with pharmaceuticals being a key sector. The United States is Switzerland's biggest trading partner after the European Union. Nespresso and big pharma There may be only so far that Keller-Sutter can get Washington to bend. US Commerce Secretary Howard Lutnick said Thursday that Washington was likely to impose tariffs of more than 10 percent on trading partners with which it has a trade deficit. 'The 10 percent baseline is for those countries that have (a) balanced budget with us, that are the best,' Lutnick told CNBC television. 'Those who had trade deficits are going to have a higher tariff.' The potential repercussions of the Trump tariffs on Switzerland are still difficult to quantify. When publishing its quarterly sales figures, food giant Nestle indicated that its Swiss-made Nespresso coffee pods were likely to be affected. Pharmaceuticals were not targeted in the tariffs announced in early April -- though the Trump administration has blown hot and cold on such products since then. Faced with the uncertainties, two Swiss heavyweights in the sector took their own initiative. Novartis announced in mid-April that it was increasing its investments in the United States by $23 billion over five years, with Roche announcing shortly afterwards that it likewise planned to invest $50 billion over five years.
Int'l Business Times
09-05-2025
- Business
- Int'l Business Times
Swiss Seize Window Of Opportunity On Trump Tariffs
Switzerland will once again Friday try to talk its way out of punitive tariffs on its exports to the United States, which would have serious ramifications for Swiss jobs and businesses. US Treasury Secretary Scott Bessent and China's Vice Premier He Lifeng are meeting in Geneva in an attempt to cool the trade war between the world's two biggest economies. That has given the Swiss another chance to twist Washington's arm over the global wave of tariffs unleashed by US President Donald Trump on April 2, and comes a day after Britain reached a deal with the United States avoiding the worst of the punitive levies. Swiss President Karin Keller-Sutter, who is also the country's finance minister, and Economy Minister Guy Parmelin are set to meet Bessent and US Trade Representative Jamieson Greer at a top hotel in Geneva. Few details have been made public about the talks, but the Swiss were also set to meet Vice Premier He and were due to hold a press conference later on Friday. Keller-Sutter and Parmelin already met Bessent and Greer in Washington late last month in a bid to negotiate lower tariffs. Given the size of Switzerland's trade surplus -- exporting more to the United States than it imports from it -- the Trump administration has threatened to impose a 31 percent levy on Swiss exports to the United States. This would be catastrophic for major sectors of Switzerland's economy, such as manufacturing and watchmaking. For now, Washington is imposing a 10 percent levy on goods coming from Switzerland. In 2024, the total value of Switzerland's goods exports to the United States was expected to reach 52.65 billion Swiss francs ($63.7 billion), with pharmaceutical products being the largest export. Imports of goods from the United States were valued at 14.13 billion francs, according to Switzerland's Federal Office for Customs and Border Security. Switzerland is the sixth-largest foreign investor in the United States, and ranks first in research and development, with pharmaceuticals being a key sector. The United States is Switzerland's biggest trading partner after the European Union. There may be only so far that Keller-Sutter can get Washington to bend. US Commerce Secretary Howard Lutnick said Thursday that Washington was likely to impose tariffs of more than 10 percent on trading partners with which it has a trade deficit. "The 10 percent baseline is for those countries that have (a) balanced budget with us, that are the best," Lutnick told CNBC television. "Those who had trade deficits are going to have a higher tariff." The potential repercussions of the Trump tariffs on Switzerland are still difficult to quantify. When publishing its quarterly sales figures, food giant Nestle indicated that its Swiss-made Nespresso coffee pods were likely to be affected. Pharmaceuticals were not targeted in the tariffs announced in early April -- though the Trump administration has blown hot and cold on such products since then. Faced with the uncertainties, two Swiss heavyweights in the sector took their own initiative. Novartis announced in mid-April that it was increasing its investments in the United States by $23 billion over five years, with Roche announcing shortly afterwards that it likewise planned to invest $50 billion over five years.
France 24
09-05-2025
- Business
- France 24
Swiss seize window of opportunity on Trump tariffs
US Treasury Secretary Scott Bessent and China's Vice Premier He Lifeng are meeting in Geneva in an attempt to cool the trade war between the world's two biggest economies. That has given the Swiss another chance to twist Washington's arm over the global wave of tariffs unleashed by US President Donald Trump on April 2, and comes a day after Britain reached a deal with the United States avoiding the worst of the punitive levies. Swiss President Karin Keller-Sutter, who is also the country's finance minister, and Economy Minister Guy Parmelin are set to meet Bessent and US Trade Representative Jamieson Greer at a top hotel in Geneva. Few details have been made public about the talks, but the Swiss were also set to meet Vice Premier He and were due to hold a press conference later on Friday. Keller-Sutter and Parmelin already met Bessent and Greer in Washington late last month in a bid to negotiate lower tariffs. Watchmakers on borrowed time? Given the size of Switzerland's trade surplus -- exporting more to the United States than it imports from it -- the Trump administration has threatened to impose a 31 percent levy on Swiss exports to the United States. This would be catastrophic for major sectors of Switzerland's economy, such as manufacturing and watchmaking. For now, Washington is imposing a 10 percent levy on goods coming from Switzerland. In 2024, the total value of Switzerland's goods exports to the United States was expected to reach 52.65 billion Swiss francs ($63.7 billion), with pharmaceutical products being the largest export. Imports of goods from the United States were valued at 14.13 billion francs, according to Switzerland's Federal Office for Customs and Border Security. Switzerland is the sixth-largest foreign investor in the United States, and ranks first in research and development, with pharmaceuticals being a key sector. The United States is Switzerland's biggest trading partner after the European Union. Nespresso and big pharma There may be only so far that Keller-Sutter can get Washington to bend. US Commerce Secretary Howard Lutnick said Thursday that Washington was likely to impose tariffs of more than 10 percent on trading partners with which it has a trade deficit. "The 10 percent baseline is for those countries that have (a) balanced budget with us, that are the best," Lutnick told CNBC television. "Those who had trade deficits are going to have a higher tariff." The potential repercussions of the Trump tariffs on Switzerland are still difficult to quantify. When publishing its quarterly sales figures, food giant Nestle indicated that its Swiss-made Nespresso coffee pods were likely to be affected. Pharmaceuticals were not targeted in the tariffs announced in early April -- though the Trump administration has blown hot and cold on such products since then. Faced with the uncertainties, two Swiss heavyweights in the sector took their own initiative. Novartis announced in mid-April that it was increasing its investments in the United States by $23 billion over five years, with Roche announcing shortly afterwards that it likewise planned to invest $50 billion over five years.
