Newscasts - Swiss could get deal for lower U.S. tariffs by end of week, source

Swatch groupAG

11/11/2025 15:39

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Source: 'Reuters - Business videos'

Description: Switzerland could clinch a deal with the United States to lower U.S. tariffs on Swiss exports to 15% as soon as Thursday or Friday, a Swiss source told Reuters on Tuesday. Francis Maguire reports.

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Video Transcript:

Switzerland could score a deal to lower tariffs on its exports to the US by the end of this week. That's according to a source on Tuesday. They said the tariff rate could be lowered to 15% from the 39% it's been at since August. The source added the deal could arrive by Thursday or Friday or early next week. But they warned an agreement wasn't certain until President Donald Trump gives his approval. The US tariffs currently placed on Switzerland are among the highest duties Washington has put on another country. It's threatened Swiss access to one of its biggest markets for its goods by making its products more expensive than other regions with lower duties. Industries affected include Swiss powerhouses like precision machinery, watches, and chocolate. The Swiss Economic Affairs Ministry has been leading negotiations with Washington. It refused to comment on the ongoing discussions on Tuesday. Trump further said earlier this week he was working on a deal to lower tariffs on goods from Switzerland. Swiss officials have pitched a package of investment pledges and proposals. They aim to lower the US deficit in hopes of getting an agreement. Swiss media reported a group of the country's business leaders also met Trump in the White House last week to discuss the impact of tariffs on their operations. They reportedly presented him with a specifically engraved gold bar and a Rolex watch. News of a potential deal sent shares in Swiss luxury watch brands Richemont and Swatch Group higher on Tuesday.