Switzerland Seeks to Revise U.S. Tariff Agreement
(MENAFN) Switzerland is preparing to make a significantly enhanced proposal in ongoing trade talks with the United States, aiming to defuse a looming tariff crisis, the government said Monday. Despite facing a steep new import tax, Swiss officials confirmed they will not introduce any retaliatory measures.
In a formal statement, the Federal Council announced it will press ahead with negotiations after the U.S. imposed a sharply increased 39% tariff on Swiss goods. The council emphasized its commitment to ensuring fair treatment relative to major global competitors, underscoring its objective to maintain advantageous economic conditions.
"The Federal Council is determined to pursue discussions with the United States beyond the current joint statement proposal and, if necessary, beyond the 7 August deadline," the statement declared.
Drawing from input gathered through extensive industry consultation, Swiss negotiators are set to bring fresh strategies to the table in an effort to secure a resolution.
"Switzerland enters this new phase ready to present a more attractive offer, taking US concerns into account and seeking to ease the current tariff situation," the government added.
The urgency is fueled by a dramatic shift in trade dynamics. From August 7, nearly 60% of Swiss exports to the U.S. will be subject to the newly announced 39% duty, significantly raising the cost of doing business.
This development places Switzerland at a marked competitive disadvantage. Comparable economies such as the EU, UK, and Japan face much lower tariffs—15%, 10%, and 15%, respectively.
Bilateral commerce between the two nations has flourished in recent decades, with trade volumes multiplying fourfold over the last 20 years. Switzerland now ranks as the sixth-largest foreign investor in the United States.
"The Federal Council is keen to preserve and build on these dynamic ties," the statement stressed.
Despite the economic strain, Swiss authorities reiterated that they are not considering any form of retaliatory action.
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