Business News: U.S. Tariffs On Swiss Goods Officially Rolled Back To 15% Retroactive To November 14
A recent trade agreement between Switzerland and the United States has officially reduced tariffs on Swiss goods to 15%, retroactive to November 14. This change is particularly beneficial for the Swiss watch industry, which had been facing high tariffs of 39% imposed in August, one of the steepest rates for any industrialized nation. The reduction aligns Switzerland with other prominent watchmaking regions, like the European Union and Japan, and aims to enhance the competitiveness of Swiss companies in the U.S. market, which accounts for about 20% of Swiss watch exports. The announcement of the agreement follows a visit by Swiss business leaders to the White House, where discussions focused on strengthening economic ties between the two countries. Swiss executives, including those from major brands like Rolex and Patek Philippe, expressed relief at the lowered tariffs, noting that they would help stabilize market conditions. With the prior tariffs prompting price increases and stock adjustments, industry leaders believe this agreement will return a sense of balance to the market, allowing for healthier trade relations.
