US EditionSwiss government says it's ready to make Trump 'more attractive offer' on tariffs
SWITZERLAND, AUG 6 – Swiss President Karin Keller-Sutter leads urgent talks in Washington to reduce tariffs that threaten key Swiss industries and risk tens of thousands of jobs, as exports face a 39% U.S. tariff.
- On Tuesday, Swiss President Karin Keller-Sutter traveled to Washington to discuss a deal before the 39% tariff begins Thursday, the U.S. capital's officials confirmed.
- Switzerland was left stunned on Aug 1 after Mr Trump hit the country with one of the highest tariffs in his global trade reset, with industry associations warning of tens of thousands of jobs being put at risk, and the U.S. ran a $38.5 billion trade deficit with Switzerland.
- Prof Hans Gersbach warned of heightened recession risk as Bloomberg Economics projects Swiss GDP could shrink more than 1% and output may fall 0.3% to 0.6%.
- The Federal Council held an emergency meeting on Aug 4 and said a future offer will be prepared, with leaders ready to travel if requested.
- President Donald Trump set a September 29 deadline for pharma companies, and Nomura forecasts the SNB may cut rates to-0.25% later this year.
158 Articles
158 Articles
Swiss Federal President Karin Keller-Sutter is said to have talked to the US President in a phone call. A little later, the conversation apparently ended – and a deal in the customs dispute failed.
Switzerland's political and business elites have been shaken by Donald Trump's punitive tariffs, which the government was confident it would avoid. The US president's decision to impose a 39% tariff on Swiss imports is among the heaviest ever, especially in the pharmaceutical industry.
In the wake of the announcement of a 39% tax on its many high value-added products, Bern says it wants to continue to negotiate.
Trip to Lugano after Trump's decision to apply duties to Swiss goods to 39%. Voices, hopes and counter-moves on the table of the Confederation: from gold to fighters F35
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