New Agreement Slashes Swiss Import Tariffs to 15%

New Agreement Slashes Swiss Import Tariffs to 15%

The United States, Switzerland, and Liechtenstein have reached a major new trade agreement that significantly lowers tariffs and sets the stage for increased investment between the countries.

Under the deal, the U.S. will cut its tariff rate on Swiss imports from 39% down to 15%, easing what had been one of the highest duties applied to any U.S. trading partner. The Trump administration confirmed the change following a meeting between U.S. Trade Representative Jamieson Greer and Swiss officials.

As part of the agreement, Switzerland committed to invest at least $200 billion into the U.S. economy, with $67 billion scheduled for 2026 and the full amount expected by 2028. Switzerland also agreed to reduce tariffs on a variety of American products in return.

The revised structure includes a firm cap: tariffs on Swiss pharmaceuticals and semiconductors will not exceed 15%, reversing speculation that higher rates were on the horizon.

Key Swiss exports to the U.S.—such as wristwatches, medical equipment, and unsmelted gold—are expected to benefit from the new lower tariff rate. Gold was previously excluded from the tariffs, but other goods may now become more competitively priced for American buyers.

The U.S. recorded a $38 billion trade deficit with Switzerland last year. Greer noted that the updated agreement is designed to help narrow that gap over time.

Before the heightened tariffs of recent years, most Swiss goods entered the U.S. with duties between 0% and 2.5%. While the new rate remains higher than those historical levels, the Swiss government said the reduction will still offer a positive boost to its economy.

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