STORY: The United States and Switzerland announced a framework trade agreement on Friday that includes Washington slashing its tariffs on imported Swiss products to 15% from 39%.The deal also includes a pledge by Swiss companies to invest $200 billion in the U.S. by the end of 2028.The agreement puts Switzerland on an equal footing with the European Union.Here’s Swiss Economy Minister Guy Parmelin.”This agreement is a great relief for our economy. The additional U.S. tariffs have already caused considerable damage and affected almost 40% of our exports. The memorandum of understanding now stabilizes the conditions for access to the U.S. market. However, we cannot relax – this non-binding memorandum of understanding is to be transformed into a legally binding agreement in the coming months.”U.S. Trade Representative Jamieson Greer said the agreement tears down longstanding trade barriers and opens new markets for American goods. He welcomed quote, “massive Swiss investment to help reduce our deficit in pharmaceuticals and other key sectors” that will generate thousands of jobs across the U.S.The deal will have a positive impact on Switzerland’s labor force too, says Vincent Subilia, director general of the Geneva Chamber Of Commerce, Industry and Services.“If you look at the U.S. as the number one powerhouse and our second export market, and if you look at certain sectors of activities, machinery, watchmaking, jewelry, or the medtech sector, which are part of the clusters here in Switzerland, And you look at the jobs, we’re talking hundreds of thousands of jobs eventually// It will help preserve jobs and tax revenues to the benefit of Switzerland.”The Swiss government said the lower tariff rate is likely to be activated within days or weeks as soon as the U.S. customs processing systems can be adjusted.A White House statement said they aim to conclude negotiations to finalize the trade deal by the first quarter of next year.
Add A Comment