Nov. 14 (UPI) -- The Trump administration has agreed to lower tariffs on Swiss goods imported to the United States, a statement from the Swiss government said Friday.
The agreement drops tariffs on Swiss imports from 39% to 15%. The higher rate went into effect in August after President Donald Trump raised tariffs on dozens of trading partners to correct what he described as a trade imbalance.
The United States had a $38 billion trade deficit with Switzerland in 2024, according to U.S. Commerce Department data cited by CNN.
"Switzerland and the U.S. have successfully found a solution: U.S. tariffs will be reduced to 15%," the Swiss government said in a post on X.
"Thanks to President Trump @POTUS for the constructive agreement."
