The Swiss government is holding out for a trade deal with the United States to be finalized before a July 9 deadline set by President Donald Trump. If an agreement isn't reached by then, Swiss officials anticipate that the current 10% tariffs will remain in place as negotiations continue.
Swiss President and Finance Minister Karin Keller-Sutter, speaking to reporters in Bern, did not specify the outstanding issues in the discussions. However, she did confirm that US officials have "accepted" Switzerland's position as a non-currency manipulator, following an earlier decision by the US Treasury to place the country on a watchlist. This acceptance marks a positive development in the broader trade discussions.
Switzerland has been actively seeking to reduce tariffs imposed by the US, which have varied significantly by country. For instance, Switzerland initially faced high tariff rates, with one report mentioning a 31% rate, compared to 20% for the European Union and 10% for Britain. The US is Switzerland's largest export market, making a favorable trade agreement crucial for the Swiss economy. U.S. Trade Representative Jamieson Greer and Swiss officials, including President Keller-Sutter and Vice President Guy Parmelin, have been engaged in accelerated negotiations since at least May 2025, with both sides expressing a determination to reach a quick solution. Swiss firms, in particular, are keen to increase their manufacturing presence in the U.S. as part of these negotiations, with USTR Greer noting interest in pharmaceuticals, aircraft, and gold smelting. Switzerland previously saw tariffs of 39% according to one report following a diplomatic mission to the White House to negotiate a reduction.
