The Swiss government announced Monday it is determined to offer the United States more attractive trade terms following last week’s shock announcement of 39% tariffs on Swiss exports to America, News.Az reports citing Reuters.
The Federal Council decided to continue negotiations with the US after the July 31 announcement that approximately 60% of all Swiss exports to the US would face additional 39% tariffs starting August 7.
Switzerland faces significantly higher tariffs than other comparable US economic partners, with the EU at 15%, Japan at 15%, and the UK at 10%.
In response, Swiss officials have developed new approaches for talks with the US authorities and are making efforts to present an "even more attractive offer" in this new phase of negotiations.
The Federal Council emphasized that Switzerland’s trade surplus is not the result of unfair competition, noting that Switzerland abolished all tariffs on industrial products as of January 1, 2024, allowing over 99% of US goods to enter Switzerland duty-free.
Switzerland and the United States maintain a close economic partnership, with bilateral trade quadrupling over the past two decades. Switzerland ranks sixth in foreign investment in the US and leads in research and development investment.
The Swiss government is not currently considering countermeasures but mentioned that short-time work compensation is available to help companies avoid layoffs due to temporary work stoppages that may result from the new tariffs.
The Federal Council stated it will continue monitoring the situation’s impact on the Swiss economy and can take swift action if necessary.
