Reduced US Import Tariff on Swiss Goods May Start in Early December

The tariff cut that the US recently agreed to apply to imports from Switzerland could take effect as soon as December.

The Trump administration has said it could take between 10 and 12 days to implement the new rate, which it agreed to lower from 39% to 15%. However, Swiss Economy Minister Guy Parmelin said the US government had declined to give a specific date, Reuters reported last week.

“In Switzerland, we are ready,” Parmelin told broadcaster SRF. “It takes a bit more time for the US. I hope everything is fine by early December, but we are pushing.”

Switzerland and the US made a preliminary agreement on November 14 to cut the import duty to 15%, over three months after President Donald Trump imposed the 39% duty — the highest for any European country.

Parmelin stated to SRF that detailed negotiations were likely to begin soon after the initial agreement, and that Switzerland might still request additional exemptions beyond the planned 15% tariff rate.

“One must not forget, we can also ask for some things,” he said. “We can also say we want more exceptions in this area. We think that what we have given can still be lowered.”

Image: Luxury watches in a store on New York’s Fifth Avenue. (Shutterstock)