Trump says he met Swiss leaders, orders more trade talks
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US President Donald Trump has imposed a 39 per cent tariff on goods from Switzerland, threatening to drive up costs for chocolatiers and watchmakers.
PHOTO: AFP
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WASHINGTON – US President Donald Trump said he met with representatives from Switzerland and announced additional trade talks, as the European nation seeks to reduce a tariff rate that ranks higher than any other developed nation.
“It was my Great Honour to just meet with high level Representatives of Switzerland,” Mr Trump said on Nov 4 in a social media post.
“We discussed many subjects including, and most importantly, Trade and Trade Imbalance. The meeting was adjourned with the understanding that our Trade Representative, Jamieson Greer, will discuss the subjects further with Switzerland’s Leaders.”
Mr Trump has imposed a 39 per cent tariff on goods from Switzerland
Pharmaceuticals accounted for almost half of Swiss exports to the US in 2024, according to data compiled by Bloomberg Economics.
The US earlier in 2025 scrapped plans to impose tariffs on gold bars from Switzerland after the plan shocked global markets and threatened to disrupt supplies.
Switzerland has recently proposed moving some business from Swiss gold refiners to the US as part of a bid to broker a broader trade deal.
The presidential meeting comes as Ms Helene Budliger Artieda, Switzerland’s top trade diplomat, has made repeated trips to Washington in recent weeks as Bern attempts to negotiate a lower rate.
The White House did not immediately respond to a request for comment on who Mr Trump met with.
Swiss President Karin Keller-Sutter declined to give a timeline for negotiations when asked about the progress late in October.
“In the end, the US President decides,” she said. “So maybe it just needs some more patience.”
Despite the tariff rate, indications are that demand for Swiss goods has, in some cases, withstood the impact of the tariffs.
Foreign sales to the US excluding gold, adjusted for seasonal swings, were 43 per cent higher in September than in August, the country’s customs office said in October.
Still, Bern has cut its growth forecast for 2026 based on the expected impact of Mr Trump’s tariffs on the economy.
Foreign sales of Swiss watches fell in September, driven by a 55 per cent plunge in exports to the US. BLOOMBERG
