Switzerland announced plans on Friday to invest $200 billion in the United States through 2028 as it finalized a hard-wrought deal to slash US tariffs on Swiss goods. Economy Minister Guy Parmelin said the Trump administration has agreed to cut US tariffs on most Swiss goods to 15%—the same level imposed on the neighboring European Union—from 39%, the highest rate on any Western country. Parmelin hailed the deal as a result of "new momentum generated by the commitment of the American president" and said it would take "several weeks" to take effect, the AP reports. The White House confirmed the deal Friday, adding that companies from Switzerland and tiny Liechtenstein would invest $67 billion of the $200 billion in the United States next year.
"These investments will create thousands of well-paying American jobs across all 50 states in a number of sectors, such as pharmaceuticals, machinery, medical devices, aerospace, construction, advanced manufacturing, gold manufacturing, and energy infrastructure," said a White House fact sheet. The US consistently runs a deficit—more than $38 billion last year—in the trade of goods with Switzerland. The White House said "this deal with Switzerland will put us on a path to eliminate that deficit by 2028.'' The deficit rose to more than $55.7 billion in 2025 through July, largely due to the "front-loading" of imports from Switzerland in the first quarter ahead of expected tariffs, reports Reuters.
US Trade Representative Jamieson Greer told CNBC Friday morning that Switzerland would move manufacturing of some pharmaceuticals, gold smelting, and railway equipment to the US. Switzerland is already a top foreign investor in the US. The $200 billion in Swiss investment will involve the private sector—what Parmelin called "Team Switzerland" cooperating with government. It wasn't immediately clear whether that was all new investment: Pharma giant Roche announced a $50 billion investment as the tariff tensions emerged. Some Swiss goods, notably in the pharmaceuticals, chemicals, gold, and semiconductor industries, had already been exempted from the 39% rate, which had threatened to put Swiss goods at a massive disadvantage to competitors.
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The reduction in US tariffs comes months after the Trump administration raised tariffs on Swiss goods from an initial 31% announced in April to 39% on July 31 after what was reportedly a "disastrous" phone call between Trump and Swiss President Karin Keller-Sutter. The deal announced Friday comes after a months-long diplomatic courtship by top Swiss officials, who deployed high-level teams to Washington, including missions led by Keller-Sutter and Parmelin. Last week, a half-dozen top executives from leading Swiss companies including Rolex, gold refining company MKS Pamp, and luxury group Richemont met with Trump at the Oval Office to press the Swiss case.
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