U.S., Switzerland near deal to cut tariffs to 15%

Switzerland is close to sealing a trade deal with the U.S. that could cut tariffs on Swiss imports from 39% to 15%, pending Donald Trump’s approval.

Transcript

00:00In other news, Switzerland says it is close to a trade deal that could cut a hefty U.S. tariff on Swiss goods,

00:07following talks in Washington.

00:08Its economy minister told reporters that the two sides have now cleared all understanding issues

00:14after a meeting with U.S. Trade Representative Jameson Greer.

00:18Both countries will share more once the final details are settled.

00:21If approved by President Donald Trump, the deal would bring tariffs down from the current 39 percent to 15 percent.

00:30U.S. officials said Switzerland has outlined a plan to narrow its trade surplus with the United States,

00:36which has topped $55 billion this year.

00:39They also point to fresh U.S. investments by Swiss pharmaceutical firms, including Roche, as helping move the talks forward.

00:46Early this week, Trump said he was working on something to help Switzerland,

00:50though he has not yet set a final number.

00:53A drop from 39 percent to 15 percent would be a major boost for Swiss exporters,

00:58especially in machinery, watchmaking, and precision instruments where the U.S. is a key market.