Washington: The U.S. administration has agreed to reduce tariffs on imported Swiss products from 39 percent to 15 percent, as announced by the White House in a statement. This decision follows extended negotiations between the United States and Switzerland, with Liechtenstein joining the discussions, resulting in a framework trade agreement.

According to Namibia Press Agency, the agreement includes a commitment from Swiss and Liechtenstein companies to invest approximately 200 billion U.S. dollars in the United States, with a significant portion, at least 67 billion dollars, earmarked for investment in 2026. This investment aims to generate thousands of jobs across all 50 U.S. states and will cover several sectors, such as pharmaceuticals, machinery, medical devices, aerospace, construction, advanced manufacturing, gold manufacturing, and energy infrastructure.

The countries involved are working towards finalizing their trade deal by early 2026. The agreed-upon 15 percent tariff rate on Swiss imports aligns with the treatment given to the European Union, as stated in a fact sheet from the White House.

Switzerland, which relies heavily on exports, has been impacted by the U.S. tariffs since they were imposed by U.S. President Donald Trump in August. The 39 percent tariff rate was one of the highest globally and surpassed the 31 percent rate threatened in early April.

Swiss customs data indicates that the United States has been Switzerland's largest export market since 2021, accounting for 18.6 percent of Swiss exports in 2024. Last year, the United States was the top market for major Swiss industries, including chemicals and pharmaceuticals, watchmaking, and precision instruments.