U.S. Agrees to Cut Switzerland Tariffs to 15% in Trade Deal

The U.S. has reached a deal to reduce the crippling 39% import tariffs on Switzerland to 15%, easing a growing burden on the Alpine country’s export-dependent economy and the steepest tariff the Trump administration had imposed on a developed nation.

“We’ve essentially reached a [trade] deal with Switzerland,” U.S. Trade Representative Jamieson Greer said Friday on CNBC. “They are going to send a lot of their manufacturing to the United States—pharmaceuticals, gold smelting, railway equipment.”