Swiss hope to slash crippling Trump tariffs after golden charm offensive

Source: BBC

Swiss ministers have had "very positive" talks in Washington, US officials say, in a bid to cut US President Donald Trump's steep 39% tariffs on Swiss exports to the US – the highest in Europe. One senior US official said the Swiss were "very aware" of their trade deficit and were prepared to address it - hopefully leading to a "meaningful reduction" in tariffs.

Swiss economics minister Guy Parmelin, meanwhile, said the two sides had "clarified almost everything" in the talks. Switzerland been trying to bring down the tariff rate - which has hit the country hard - for months. Swiss industry chiefs came to the Oval Office on 4 November bearing gifts, including a Rolex gold watch and a specially engraved gold bar from Swiss-based gold refining company MKS.

Initial attempts by Swiss President Karin Keller Sutter to change Trump's mind fell on deaf ears. However, a private business initiative last week may have made all the difference. Trump's response to the Swiss president's bid was that she "was a nice woman, but she did not want to listen". But after last week's private business initiative Trump said a deal was being worked on to bring the tariffs "a little bit lower… I haven't set any number".

For Swiss industry, that deal could not come soon enough. Tech exports to the US are down 14.2% on the third quarter of last year, according to latest statistics - a dramatic fall since the tariff hike was imposed in August. Some figures in Swiss business, particularly those trading in luxury goods, gold, or commodities, already had contacts in Trump's circle.

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