Switzerland announced plans on Friday to invest $200 billion in the United States through 2028 as it finalized a hard-wrought deal to slash U.S. tariffs on Swiss goods.
Economy Minister Guy Parmelin said the Trump administration has agreed to cut U.S. tariffs on most Swiss goods to 15% — the same level imposed on the neighboring European Union — from 39%, the highest rate on any Western country.
The Swiss Federal Council, the country’s seven-member executive branch, said “Thank you President Trump for the constructive engagement” in a post on its X account.
The reduction in U.S. tariffs comes months after the Trump administration raised tariffs on Swiss goods from an initial 31% announced in April to 39% on Aug. 1.
That sparked a quick and sustained push from Switzerland's government and business leaders to bring them down — efforts that had been fruitless until Friday's announcement.
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