Switzerland could clinch a deal with the United States to lower U.S. tariffs on Swiss goods to 15% as soon as Thursday or Friday, a Swiss source told Reuters on Tuesday (Nov 11).

The source said the deal could also arrive early next week, but cautioned an agreement to lower duties was not certain until U.S. President Donald Trump had given his approval.

Trump announced at the end of July that Swiss exports to the U.S. would be subject to a 39% tariff from August 7, among the highest duties levied in his global trade reset.

The move threatened Swiss access to one of its biggest markets for precision machinery, watches and chocolate by making its products more expensive than rivals from regions with lower import duties.

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The Swiss Economic Affairs Ministry, which has been leading the negotiations with Washington, declined to comment on ongoing discussions on Tuesday.

Economy Minister Guy Parmelin was in regular contact with the relevant authorities in the United States, including U.S. Trade Representative Jamieson Greer, the government said.

The pair held a video call on Friday, with Parmelin describing the talks as "very constructive".

On Monday, Trump said he was working on a deal to lower the tariffs on goods from Switzerland.

"I haven't set any number, but we're going to be working on something to help Switzerland," Trump said.

Swiss officials have pitched a package of investment pledges and proposals aimed at reducing the U.S. deficit. That has helped pave the way for a potential deal, the source said.

Bern has already offered to increase spending on defence equipment from the U.S. and give American energy firms greater access to the Swiss market.

It has also pitched a plan to step up gold refining capacity in the United States to help reduce the U.S. trade deficit with Switzerland, according to people familiar with the matter.

Swiss pharma giants Roche and Novartis have also said they would invest billions of dollars in the U.S. as part of a coordinated effort by the government and private sector.

Source: Reuters

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