GENEVA (AP) — After weeks of working with U.S. officials to try to avoid hefty tariffs on Swiss goods, negotiators from Switzerland got assurances that a deal was all but done. Swiss businesses vowed to pour tens of billions in investment in the United States in the coming years.
Still, President Donald Trump said no to any special deal. Now a scramble is underway ahead of Thursday, the deadline for when the whopping 39% tariff on Swiss products announced last week goes into effect.
Switzerland’s President Karin Keller-Sutter and other top officials traveled to Washington on Tuesday to try to convince Trump that the measure — among the highest from the Trump administration — was too much and could cut profits for famed Swiss industries like chocolates and watchmaking.
The new rate is over 2 1/2 times higher than the one on European Union goods exported to the U.S. and nearly four times higher than on British exports to the U.S. — raising questions about Switzerland’s ability to compete with the 27-member bloc that it neighbors.