US slashes tariffs to 15% for Switzerland after reaching trade deal, boost bilateral investment

The United States and Switzerland announced a framework agreement which significantly reduces US tariffs on Swiss goods from a steep 39% to a balanced 15%, marking a major step in improving trade relations and addressing longstanding barriers.

The deal also includes a commitment by Swiss and Liechtenstein companies to invest $200 billion in the US, with $67 billion slated for 2026 alone, aiming to create thousands of American jobs and reduce the US trade deficit with Switzerland.

The agreement, announced by US Trade Representative Ambassador Jamieson Greer and Swiss officials, reflects the successful culmination of constructive negotiations to promote “Agreement on Reciprocal, Fair, and Balanced Trade."


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Ambassador Greer highlighted the deal as a continuation of the "America First Trade Policy" that removes tariff and non-tariff barriers, expands market access for U.S. exports, and welcomes sizable Swiss investment into the US economy.

Key features of the agreement include:

• Reduction of US tariffs on Swiss and Liechtenstein goods to a maximum of 15%, aligning them with rates applied to the European Union, down from 39%, which had severely impacted Swiss exports.
• Switzerland's commitment to removing tariffs on American industrial goods, while also opening up new duty-free quota systems for specific U.S. agricultural products such as beef, poultry, and bison.
• Measures to simplify customs and labeling processes, making it easier for American goods like poultry, dairy, and medical devices to enter Swiss markets.
• Robust agreements on intellectual property rights, digital trade principles including the avoidance of harmful digital services taxes, and enhanced cooperation on export controls, sanctions, and investment screening.
• Swiss plans to invest $200 billion in the U.S. by 2028, with substantial new investments focused on pharmaceuticals, aerospace, and other key sectors.

Swiss Economy Minister Guy Parmelin said the agreement “puts Switzerland on an equal footing with the European Union.” The framework contains sectoral safeguards (the United States will cap tariffs at 15% for Swiss goods, and some sectors, notably pharmaceuticals and semiconductors, have special treatment or caps under the arrangement), but detailed implementation and any sectoral exemptions will be specified as negotiations proceed.

The US trade deficit with Switzerland and Liechtenstein stood at $38.3 billion in 2024, and this agreement is expected to pave the way for levelling that deficit by 2028 by fostering more balanced, reciprocal trade ties.

This trade deal ends months of tariff tensions that began when the Trump administration imposed the 39% tariffs in 2025 as part of a broader strategy to address trade imbalances and alleged unfair trade practices by key partners.

The agreement is seen as a mutually beneficial framework that strengthens economic ties, secures supply chain resilience, and supports job growth on both sides of the Atlantic through expanded market access and substantial new investments.