Switzerland is scrambling to make a trade deal with Washington as it looks to avoid a “triple blow” of economic problems after being hit with 39% tariffs on goods imported to the U.S.
Swiss leaders this week travelled to Washington D.C. in an attempt to strike a deal with the U.S. administration in a bid to avoid the hefty duties which will come into effect Aug. 7.
The 39% tariff rate, which is one of the highest in U.S. President Donald Trump’s latest flurry of new duties, came as a surprise to the European country as a trade agreement had seemingly been imminent.
Trump told CNBC on Tuesday that Swiss President Karin Keller-Sutter “didn’t want to listen” to his concerns about the U.S. trade deficit with Switzerland. Following the announcement of the 39% tariff rate, the Swiss government said Switzerland had maintained a “very constructive stance from the outset” during “intensive” talks.
The U.S. recorded a $38.3 billion trade deficit with Switzerland when accounting for goods, and a $29.7 billion surplus in the services realm last year, according to the Office of the United States Trade Representative.
