In exchange, Swiss officials committed to series of quotas for imports from the US on a duty-free basis
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Donald Trump agreed to cut US tariffs on Switzerland from 39% to 15% as part of a new trade pact, lowering duties that strained economic ties and hit Swiss exporters.
The two countries have signed a “non-binding memorandum of understanding”, the Swiss government announced, following bilateral talks in Washington and intense lobbying by Swiss firms.
The US trade representative, Jamieson Greer, also confirmed the breakthrough on Friday, telling CNBC, the financial news network, that both sides had “essentially reached a deal”.
