Swiss hope to slash crippling Trump tariffs after golden charm offensive

November 14, 2025

The Swiss government is working to reduce the 39% tariffs President Trump imposed on Swiss exports—the highest rate in Europe—which have severely damaged their economy, with tech exports down 14. 2% since August. After initial diplomatic efforts failed, Swiss business leaders including the CEOs of Rolex and luxury goods companies met with Trump in the Oval Office, bringing gifts like a gold Rolex desk clock and an engraved gold bar.

Who is affected

Swiss exporters and industry (particularly tech, luxury goods, gold, and commodities sectors)
Swiss government officials (President Karin Keller Sutter, Economics Minister Guy Parmelin, Chief Trade Negotiator Helene Budliger Artieda)
Swiss companies including Rolex, Richemont, MKS, Swiss pharmaceutical giants, and Swiss International Airlines
Swiss company employees facing potential furloughs
US officials and President Donald Trump
Fifa President Gianni Infantino

What action is being taken

Swiss ministers are conducting talks in Washington with US officials
Swiss pharmaceutical companies are promising to build more production plants in the US
Swiss International Airlines is reportedly considering pivoting from Airbus to Boeing aircraft
The US and Switzerland are negotiating a potential tariff reduction from 39% to 15%

Why it matters

The 39% tariff rate represents the highest in Europe and has caused significant economic damage to Switzerland, with tech exports declining 14.2% since the tariffs were imposed in August. Swiss companies have warned they will need to furlough staff if the situation doesn't improve, threatening employment and economic stability. The negotiations demonstrate how personal relationships and corporate diplomacy can influence trade policy decisions that affect entire national economies.

What's next

Swiss industry is awaiting the outcome of negotiations for a potential tariff reduction to 15%. Fifa President Gianni Infantino will announce a new Fifa world peace prize in Washington DC on December 5th.

Read full article from source: BBC