Switzerland just pulled off something most countries are still dreaming about: a concrete trade deal with the US that drops tariffs from a punishing 39% to a manageable 15%. The framework agreement, reached on November 14, 2025, between the US, Switzerland, and Liechtenstein, puts the Alpine nation on equal footing with the European Union in terms of tariff treatment.
The price tag for that privilege is steep. Swiss companies have committed to investing at least $200B in the US by the end of 2028, with $67B of that earmarked for 2026 alone.
What the deal actually covers
The agreement goes well beyond simple tariff numbers. Switzerland agreed to eliminate duties or improve market access for certain US industrial goods, seafood, and agricultural products. In return, Swiss pharmaceuticals and semiconductors get special treatment, with tariffs capped at 15% even if future Section 232 duties come into play.
The deal also establishes tariff-rate quotas for various goods and commits Switzerland to reducing non-tariff barriers for US exports.
