ZURICH, Dec 9 (Reuters) – Switzerland announced on Tuesday a planned reduction of U.S. tariffs on Swiss goods would be backdated to when the two countries stuck a deal last month, although the announcement was later withdrawn, leaving details of the implementation unclear. The government said in a statement on its website that U.S. tariffs […]
Business
Switzerland signals reduction in US tariffs to be retroactive from November 14
Audio By Carbonatix
ZURICH, Dec 9 (Reuters) – Switzerland announced on Tuesday a planned reduction of U.S. tariffs on Swiss goods would be backdated to when the two countries stuck a deal last month, although the announcement was later withdrawn, leaving details of the implementation unclear.
The government said in a statement on its website that
U.S. tariffs on Switzerland would be lowered to 15% from 39% and take effect retroactively from November 14. The statement later disappeared from the government website and a spokesperson for the economy ministry said they could not confirm the statement.
The United States and Switzerland sealed a preliminary agreement on November 14 under which Washington would cut the tariffs on Swiss goods, while Swiss companies pledged to invest $200 billion in the U.S. by the end of 2028.
U.S. President Donald Trump imposed the duties on Switzerland in August, saying they were justified by the United States’ trade deficit with Switzerland.
TARIFFS STUNNED SWISS BUSINESS
The tariffs were the highest the Trump administration put on any European country, and stunned the Swiss business community.
“The regulation on import duties for goods from the United States will come into force retroactively on November 14, 2025,” the Swiss government said in its statement on Tuesday.
“This provides for the reduction of import duties on goods originating in the United States within the scope of Annexes 1 and 2 of the Regulation,” it added.
Swiss industrial groups have welcomed the new deal, saying it would put them on a level playing field with competitors from the European Union, which has agreed to a 15% tariff on EU exports to the U.S.
Switzerland had a $38.3 billion goods trade surplus with the U.S. in 2024, according to U.S. Census Bureau data. This rose to $55.7 billion in 2025 through July, reflecting primarily the front-loading of U.S. imports from Switzerland during the first quarter, before Trump imposed his “reciprocal” tariffs in early April.
(Reporting by Ludwig Burger in Berlin and Oliver Hirt in ZurichWriting by Madeline Chambers and Dave Graham Editing by Kirsti Knolle, Ludwig Burger and Susan Fenton)