"The deal will reduce the US tariffs on Swiss imports from 39% to 15%, while Switzerland has pledged to invest $200 billion (172 billion) in the US. US Trade Representative Jamieson Greer said the "massive" Swiss investment will help cut the US deficit in pharmaceuticals and help generate thousands of jobs across the country. Parmelin, meanwhile, said the agreement, which affects around 40% of Swiss exports, "puts Switzerland on an equal footing with the European Union.""
"In August, Trump had imposed a 39% import duty on Swiss imports, which was the highest tariff among developed countries. Switzerland feared the steep duties would cause major damage to its trade ties with the US, which is one of the Alpine nation's most important trading partners. The high tariffs had threatened the export-reliant Swiss economy, which is known for pharmaceuticals, watchmaking, industrial machinery, chocolate and cheese, among others."
The United States agreed to reduce tariffs on Swiss imports from 39% to 15%, matching the duty applied to the European Union. Switzerland pledged $200 billion in direct investments in the US by the end of 2028, including pharmaceuticals, gold smelting and railway equipment. US officials said the investment will help reduce the US pharmaceuticals trade deficit and generate thousands of jobs. The deal affects around 40% of Swiss exports and aims to protect the export-reliant Swiss economy, which includes pharmaceuticals, watchmaking, industrial machinery, chocolate and cheese. The tariffs had been imposed in August and represented the highest rate among developed countries.
Read at www.dw.com
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