US Cuts Swiss Tariffs from 39% to 15%
November 17, 25
(IDEX Online) - The US has, as expected, agreed to cut tariffs on Swiss watches and other exports from 39 per cent to 15 per cent.
On Friday (14 November) the White House announced what it called an "historic trade deal" with Switzerland and its neighbor Liechtenstein, which shares Swiss tariff and customs policies.
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.
Exports to the US for the first nine months of 2025 were up 10 per cent year-on-year to CHF 3.5 bn (USD 4.2bn) and the US was the biggest single market, accounting for around 20 per cent of all sales, by value.
The relaxation of tariffs brings Switzerland and Liechtenstein, both non-European Union members, into line with EU nations.
US President Donald Trump indicated last week that a trade deal and reduced tariffs were likely.
"I haven't set any number, but we're going to be working on something to help Switzerland," he said.
The White House said: "This trade deal will lock in the largest expansion ever of U.S. exporter access to Swiss markets, creating new opportunities for U.S. manufacturers, farmers, ranchers, fishermen, and other producers."
It added that the US goods trade deficit with Switzerland and Liechtenstein was $38.5bn in 2024 and that the new deal "will put us on a path to eliminate that deficit by 2028".