Switzerland aims to persist in trade talks with Trump, maintaining a tariff rate of 39%
The Swiss Finance Department, represented by spokesperson Pascal Hollenstein, has issued a statement in response to the Trump administration's decision to impose a 39% tariff on Swiss imports. The government remains hopeful despite expressing deep regret over the tariff.
The tariff, which is the highest among European countries in the new decree, has taken the Swiss government and business leaders by surprise. Negotiations with US officials had seemed promising and supported before the President's final decision. The US cited a $40 billion trade deficit with Switzerland as the justification, a claim that Switzerland disputes given prior good-faith talks.
Swiss business groups warn of negative impacts on both the US and Swiss economies and emphasize Switzerland's abolition of industrial tariffs and significant US investments as leverage. Rahul Sahgal, CEO of the Swiss-American Chamber of Commerce, expressed confidence that the 39% tariffs can be managed or avoided through a negotiated solution.
Discussions between Swiss President Karin Keller-Sutter and US President Donald Trump, along with ministerial contacts, have been ongoing to reach a compromise. The government encourages optimism about reaching a deal to avoid the tariffs before enforcement.
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In a nutshell, Switzerland aims to continue diplomatic and trade negotiations to prevent or reduce the impact of these newly imposed US tariffs. The government hopes to maintain a positive relationship with the US while advocating for policies that benefit both nations.
The decision to impose a 39% tariff on Swiss imports has also sparked concerns in the fashion and general-news sectors, as the Swiss fashion industry imports a significant amount of materials from the US, and the ongoing trade dispute may lead to increased costs and potential shortages. Meanwhile, Swiss financial institutions and political leaders are closely monitoring the situation, as the tariffs could potentially impact the flow of investments between the two countries, and might affect the overall stability of both nations' economies.
