The Trump administration plans to lower the United States’ tariffs on goods from Switzerland, the Swiss government announced Friday following a meeting with US Trade Representative Jamieson Greer.
The tariff rate the US charges on Swiss imports will fall to 15% from 39%, among the highest levies the United States charges for any country’s goods. More details on the agreement are set to be released later Friday.
“They’re going to send a lot of manufacturing here to United States — pharmaceuticals, gold smelting, railway equipment,” Greer said in a CNBC interview on Friday, previewing details of the agreement.
Wristwatches, unsmelted gold and medical equipment are all among the top goods the United States buys from Switzerland. While gold had been excluded from the tariffs, wristwatches and medical equipment, as well as other Swiss exports, could get cheaper for Americans to buy.
The United States ran a $38 billion trade deficit with Switzerland last year, according to US Commerce Department data. Greer said the agreement reached seeks to lower that.
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