From shock to agreement The chronicle of the customs deal between Switzerland and the USA
Since the beginning of the year, the tariffs threatened by US President Donald Trump have been hanging over the Swiss economy as the sword of Damocles. An overview of developments to date.
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January 20, 2025
Trump is sworn in as the 47th President of the United States in Washington. Swiss companies believe they are well prepared for his tariff plans thanks to their local presence. Those who produce in the USA themselves believe they are on the safe side. According to Rahul Sahgal, Director of the Swiss-US Chamber of Commerce, more than 500 Swiss companies are active in the USA. Many of them have several subsidiaries in different states, more than 4,000 in total. Of the listed Swiss companies, around 100 are present in the USA.
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April 2, 2025
In a speech in the Rose Garden of the White House, the US President announces tariffs of 31% on exports from Switzerland. President Karin Keller-Sutter reacts immediately on Platform X: the Federal Council "takes note" of the US tariff decisions, she writes. The Federal Council will quickly determine how to proceed. The country's long-term economic interests are paramount.
![Trump during his speech in the Rose Garden of the White House.]()
Trump during his speech in the Rose Garden of the White House. Evan Vucci/AP/dpa -
April 09, 2025
The tariffs on imports from Switzerland and other countries announced by Trump have come into force. As a result, Swiss exports to the USA will now be subject to a tariff of 31%. Watch manufacturers, the machinery industry and the medtech sector are particularly affected. Pharmaceutical products and gold exports from Switzerland are exempt for the time being.
After major turbulence on international stock markets, Trump relented. He is suspending certain tariffs that have just come into force for 90 days. During the 90-day break, there will be negotiations with the affected countries. A universal tariff rate of 10 percent applies.
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May 29, 2025
A federal court in the USA has declared almost all of the tariffs imposed by Trump to be unlawful. The decision also applies to tariffs imposed on Switzerland. The US government immediately appealed the court's decision.
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June 6, 2025
The US Treasury Department has placed Switzerland on a watch list along with eight other countries. Switzerland and the eight other countries would have a large trade surplus. The US government under Trump would not accept an unbalanced trade relationship.
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August 1, 2025
The White House has mentioned Switzerland on a list of US tariffs at 39 percent. Trump justified the imposition of tariffs with a trade deficit, as he wrote in a corresponding decree. This means that the tariff rate for Switzerland on the list is even higher than Trump announced in April. At that time, the figure was 31 percent. According to the Federal Department of Finance, the Federal Council has taken note of the additional tariffs mentioned by the USA "with great regret".
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August 5, 2025
In a telephone interview with the US TV channel CNBC, Trump spoke about a previous phone call with Keller-Sutter. "I recently did something with Switzerland. I spoke to the prime minister," referring to Keller-Sutter. "The woman was nice, but she wouldn't listen," Trump said of the Swiss president.
"I did listen," Keller-Sutter replied to the US President's criticism. She just did not accept that Switzerland was being held responsible for a trade deficit of 40 billion.
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August 7, 2025
The tariffs of 39% on Swiss exports announced by the USA have formally come into force. A result of the short-term talks between the Swiss delegation and US representatives was not yet available.
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September 26, 2025
Trump has imposed new tariffs on a large number of imported products from October. Of particular interest to Switzerland is the announced surcharge of 100 percent on medicines.
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November 5, 2025
Representatives of Swiss private companies met with Trump on their own initiative to discuss customs issues. The participants wanted to draw the US President's attention to the consequences of the high additional tariffs. The State Secretariat for Economic Affairs (SECO) was involved in preparing the meeting, according to the Federal Department of Economic Affairs, Education and Research (EAER).
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November 10, 2025
The "deal" between Switzerland and the USA is getting closer. As reported by the Bloomberg news agency, a solution is emerging in the negotiations between the two countries. Trump confirmed the negotiations with Switzerland to the media in the White House.
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November 12, 2025
Economics Minister Guy Parmelin and Helene Budliger Artieda, State Secretary for Economic Affairs, travel to the USA at short notice for talks with the US Department of Commerce.
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November 13, 2025
In Washington, Parmelin meets the US Trade Representative Jamieson Greer. Apparently a breakthrough is achieved at the meeting. "We had a very good discussion and were able to clarify almost all points," says Parmelin immediately after the meeting.
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November 14, 2025
Just a few hours after Guy Parmelin's return from Washington, Switzerland and the USA announce an agreement in the customs dispute. US tariffs on Swiss exports are reduced from 39 to 15 percent.
