In a recent development, the Swiss president announced that Switzerland has been selected as one of 15 countries with which the United States intends to engage in “privileged” negotiations to resolve issues stemming from the comprehensive tariffs imposed by the U.S. These tariffs have significantly disrupted global markets. President Karin Keller-Sutter expressed her satisfaction with the discussions that took place in Washington this week, which included attending an International Monetary Fund conference and having a one-on-one meeting with U.S. Treasury Secretary Scott Bessent. Keller-Sutter, who also holds the position of Switzerland’s finance minister, feels optimistic about the progress made during these talks.
Keller-Sutter revealed that the United States has earmarked a group of 15 countries, including Switzerland, with which it hopes to negotiate quickly and effectively to address tariff concerns. Although the identities of the other 14 countries have not been specified, she noted that the U.S. is set to begin what she describes as somewhat ‘privileged’ negotiations aimed at finding solutions with this select group.
Before the Trump administration temporarily halted some of its more severe tariff proposals, Swiss imports were slated to be subjected to tariffs as high as 31%, which is considerably more than the 20% tariffs imposed on goods from the European Union, of which Switzerland is not a part. The Swiss Embassy in Washington reported that since 2021, the U.S. has been Switzerland’s most crucial goods export market, while Switzerland ranks as the fourth most vital market for American services exports. In 2023, the trade volume between the two nations in goods and services reached a staggering $185.9 billion.
Keller-Sutter mentioned that a memorandum of understanding is in the pipeline, which will pave the way for forthcoming negotiations. This document will outline key topics and designate a specific contact person within the U.S. administration to streamline communication and negotiations, a step that she described as challenging.
In discussions with SRF, Keller-Sutter reiterated the U.S. authorities’ clear intent to resolve the tariff situation with Switzerland, while emphasizing the need for swift action to avoid prolonged economic uncertainty. No specific timeline has been outlined, however, both parties are committed to progressing without delay.
The announcement of the U.S. tariffs, dubbed “Liberation Day” tariffs by the Trump administration, initially triggered widespread upheaval in global stock markets. Subsequently, a phone call between President Trump and Keller-Sutter, which primarily focused on the tariffs, took place. Keller-Sutter emphasized the significant contributions of Swiss businesses and investments in the U.S. economy during this discussion.
Shortly after the conversation, President Trump decided to pause the imposition of steep new tariffs on around 60 countries for 90 days. This decision led to speculation in the Swiss media that Keller-Sutter’s interaction with Trump may have influenced this shift, although this has not been officially substantiated.
During a recent visit to Beijing, Swiss Foreign Minister Ignazio Cassis reported that the U.S. tariffs have effectively fostered a coalition of affected countries that aim to establish a favorable agreement with the U.S. Meanwhile, Swiss pharmaceutical giant Roche has revealed plans to invest $50 billion in the U.S. over the next five years, some of which have already been initiated.