Switzerland Retracts Erroneous Announcement on US Tariff Cut

Switzerland withdrew an official announcement on Tuesday regarding the effective date of a planned reduction in U.S. tariffs on Swiss goods. The government stated the announcement had been published in error and that its content could not be confirmed.

A government spokesperson clarified that the federal administration had prepared content for various scenarios. However, none could be verified at this time. The economy ministry promised to “communicate actively” on the matter soon.

Details of Withdrawn Statement

The retracted statement, which briefly appeared online, indicated that U.S. tariffs on Swiss goods would be lowered to 15% from 39%. It also claimed the reduction would take effect retroactively from November 14. The statement later vanished, leaving the information’s accuracy uncertain.

Sources close to the negotiations suggested the official announcement could come on Wednesday or Thursday. Swiss officials had publicly indicated the announcement might be made by mid-December.

Background and Trade Dispute

The U.S. and Switzerland sealed a preliminary agreement on November 14. Under this deal, Washington agreed to cut the tariffs on Swiss goods. In exchange, Swiss companies pledged to invest $200 billion in the U.S. by the end of 2028.

U.S. President Donald Trump imposed the high duties on Switzerland in August. He justified the tariffs by citing the United States’ trade deficit with Switzerland. The duties were the highest imposed by the Trump administration on any European country, surprising the Swiss business community.

Business Reaction and Impact

Swiss industrial groups welcomed the expected new deal. They believe the tariff reduction would place them on a level playing field with competitors from the European Union. The EU previously agreed to a 15% tariff rate on its exports to the U.S..

Switzerland recorded a $38.3 billion goods trade surplus with the U.S. in 2024. This figure rose to $55.7 billion through July of this year. This primarily reflected an increase in U.S. imports from Switzerland during the first quarter, before Trump imposed the duties.

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