After months of intense negotiations, the United States and Switzerland announced on Friday that they have reached a framework agreement reducing U.S. tariffs on Swiss-exported goods from 39 percent to 15 percent. The deal marks a significant shift in bilateral trade relations.
Under the agreement, Swiss and Liechtenstein companies have committed to invest at least US $200 billion in the United States by 2028, including $67 billion in 2026 alone, according to a fact sheet from the White House. These investments are expected to span sectors such as pharmaceuticals, aerospace, machinery, medical devices and gold manufacturing.
In a statement posted on X (formerly Twitter), the Swiss Federal Council declared: “Switzerland and the U.S. have successfully found a solution: U.S. tariffs will be reduced to 15 %. Thanks to President (Donald) Trump for the constructive engagement.”
U.S. Trade Representative Jamieson Greer described the outcome as a removal of long-standing trade barriers and an opening of new markets for American businesses. He said Swiss companies will “send manufacturing here to the United States” and welcomed the investment commitments as a boost for
Swiss Economy Minister Guy Parmelin said the deal places Switzerland “on an equal footing with the European Union” in terms of U.S. tariff treatment—a considerable relief for Swiss exporters, as the 39 % rate had affected approximately 40 % of their exports to the U.S.
While the 15 % tariff rate is confirmed as a ceiling, the agreement also assures that certain high-value sectors, including pharmaceuticals and semiconductors, will not face higher duties under future U.S. investigations such as Section 232.
The deal further includes Switzerland’s commitment to grant duty-free quota access on selected American agricultural products—such as beef, bison and poultry—marking a gradual opening of Swiss protectionist policies in synergy with the U.S. framework.
Industry reactions have been broadly positive. Swiss manufacturers of precision instruments, watches and machinery welcomed the news, citing the tariff reduction as a crucial step to compensate for lost competitiveness. However, analysts caution that new risks remain, warning that further duties could still be applied if U.S. trade investigations expand.
The agreement concludes a period of heightened tension in 2025, during which the U.S. had raised tariffs on Swiss goods to the highest rate applied to any Western country. The resolution is part of a broader “America First” trade agenda seeking reciprocal and balanced trade relationships.
