"US Close to Reducing Swiss Watch Tariffs"
November 12, 25
(IDEX Online) - The US appears closer than ever to reducing the 39 per cent tariff on Swiss watches and other imports.
President Donald Trump said last week (4 November) that he was working on a deal "to get their tariffs a little bit lower," after a meeting with Rolex chief executive Jean-Frederic Dufour and Richemont chairman Johann Rupert.
The latest available figures show that Swiss watch exports to the US plunged by more than 55 per cent in September, in direct response to the imposition of tariffs on 7 August.
"I haven't set any number, but we're going to be working on something to help Switzerland," said Trump.
Any relaxation of tariffs is likely to be linked to a bilateral trade agreement between the two countries.
There is speculation that Switzerland, a non-European Union nation, could negotiate a 15 per cent tariff, in line with the EU.
A spokesman for the Swiss Department of Economic Affairs said talks were ongoing.
File pic shows President Donald Trump announcing US tariffs in April.