Finally: The USA lowers tariffs on imports from Switzerland – retroactively.

Whether it's the Flattery from the Swiss business delegation Whether the reasons for Trump's visit to the Oval Office in early November were rational considerations or another unfathomable decision by the US president – that will probably never be known. But the fact remains: the final act in the drama surrounding US tariffs on Swiss imports has been played, at least for now. With retroactive effect.

The Swiss Federal Office for Customs and Border Security (BAZG) announced yesterday that the US will reduce the flat-rate additional tariff on imports from Switzerland to a maximum of 15 percent, retroactively from November 14, 2025. Since the beginning of August, this tariff had been 39 percent. Donald Trump's tariff whims had also caused a rapid decline in export statistics for the Swiss watch industry in the important US market. roller coaster ride sent.

„Exports to the USA were very challenging this year due to fluctuating tariffs,“ the president of the Federation of the Swiss Watch Industry (FH) emphasized in response to an inquiry from the news agency AWP. „We now hope that tariffs in this strategically important market will not increase again.“ The federation also intends to advocate for quick and unbureaucratic refunds.

15 percent US tariff from November 14 – legal binding is still pending.

This new determination is based on the one published on November 14, 2025. Letter of intent between Switzerland, Liechtenstein and the USA. However, it is not yet a legally binding trade agreement.

The existing exemptions from the US tariffs – including pharmaceuticals, certain chemicals, gold, and coffee – remain unchanged. In addition, based on the letter of intent, the US will lift the blanket tariffs on further Swiss export products, including aircraft, certain aviation-related parts, rubber products, cosmetics, and generic drugs. Switzerland is advocating for further exemptions, according to the press release. The original tariffs will be reinstated on those products that were already subject to a tariff rate exceeding 15 percent before April 2, 2025.

The sectoral US tariffs under Section 232, for example on steel, aluminum, automobiles, and copper, will remain unchanged. Regarding ongoing investigations into pharmaceuticals and semiconductors, the letter of intent stipulates that any sectoral tariffs imposed on Switzerland may not exceed 15%.

In return, Switzerland is reducing tariffs for the US on fish, seafood, and certain agricultural products that are not considered sensitive from an agricultural policy perspective. Furthermore, Switzerland is implementing duty-free bilateral quotas for the US (500 tons of beef, 1,000 tons of bison meat, and 1,500 tons of poultry meat annually).

The Swiss export industry cannot yet breathe a complete sigh of relief. According to Economics Minister Guy Parmelin, Switzerland must now demonstrate goodwill to reach a legally binding trade agreement with the USA. He does not rule out further demands from Washington.