Trump prepares to review import tariffs for another country
Photo: Donald Trump, President of the United States (Getty Images)
US leader Donald Trump said he is working with Switzerland to reduce tariffs on exports to the United States. Currently, they stand at 39% and are among the highest in the world, according to Reuters and Bloomberg.
"We're working on a deal to get their tariffs a little bit lower. I haven't set any number, but we're going to be working on something to help Switzerland," Trump said.
Trump acknowledged that the United States hit Switzerland hard. He added that he wants the country to remain successful, viewing it as a reliable ally.
What is known about the possible deal
Switzerland is actively seeking a trade agreement with the US to reduce high import tariffs on its goods. According to Bloomberg, this could happen within two weeks, although no final decisions have been made yet. Sources told the agency that the US could lower the tariff rate to 15%.
The Swiss government has refused to comment on a potential deal with the US, while Washington stated that it could bring significant benefits to the United States.
The US imposed a 39% tariff on Swiss goods in August, at a time when the American market was one of the main outlets for Swiss companies. This tariff became one of the highest introduced by Trump during his reshaping of global trade.
The reason for the American leader’s decision was Switzerland’s $38.5 billion trade surplus with the US, largely driven by imports of gold, pharmaceuticals, watches, and medical equipment.
Previously, on November 10, Trump announced plans to reduce import tariffs on India, saying it would happen "at some point" in connection with reduced oil purchases from Russia.
