Swiss strike 15% tariff deal with US, will invest $200 billion

Geneva: Switzerland announced plans on Friday to invest $200 billion in the United States through 2028 as the country finalised a hard-wrought deal to slash US tariffs on Swiss goods.

Economy Minister Guy Parmelin said the Trump administration has agreed to cut US tariffs on most Swiss goods to 15%-the same level imposed on the neighboring European Union-from 39%, the highest rate on any Western country.

Speaking to reporters in Bern, the capital, Parmelin hailed the deal as a result of "new momentum generated by the commitment of the American president" and said it would take "several weeks" to take effect.


The White House confirmed the deal Friday, adding that companies from Switzerland and tiny Liechtenstein would invest $67 billion of the $200 billion in the United States next year.

"These investments will create thousands of well-paying American jobs across all 50 states in a number of sectors, such as pharmaceuticals, machinery, medical devices, aerospace, construction, advanced manufacturing, gold manufacturing, and energy infrastructure," said a White House fact sheet.

The US consistently runs a deficit-more than $38 billion last year-in the trade of goods with Switzerland. The White House said "this deal with Switzerland will put us on a path to eliminate that deficit by 2028.''