Implementation of lower US tariffs on Switzerland targeted in coming days

The US and Switzerland are working in the direction of implementing a discount in US tariffs on Switzerland to fifteen% from 39% in the coming days, the Swiss authorities stated after it sealed an preliminary deal final week.

On Friday, the Swiss authorities and the US reached a preliminary settlement to chop the tariffs to fifteen% greater than three months after US President Donald Trump hit Switzerland with the best import duties in Europe. This tariff improve had prompted concern in quite a few industries, together with the posh watch sector.

Swiss Economy Minister Guy Parmelin advised Tuesday’s version of the Aargauer Zeitung newspaper that the federal government anticipated it might take 10 to 12 working days for the lower tariffs to enter the system, however declined to provide a exact date.

A spokesperson for the Swiss financial system ministry stated on Wednesday that Switzerland and the US intention to implement the lower US tariff fee as shortly as potential. “The technical implementation will take a few days,” the spokesperson stated, including that the federal government would inform the general public as soon as that course of is full.