US to Lower Tariffs on Swiss Goods to 15% in Breakthrough Deal

The US and Switzerland have “essentially” reached a trade agreement to lower tariffs on Swiss goods from 39% to 15%, and the White House plans to reveal details on Friday, US Trade Representative Jamieson Greer said.

The pending deal delivers long-desired relief to Switzerland, which was hit by the highest levy the Trump administration imposed on any developed country. The 15% levy is inclusive of most-favored-nation rates and certain other existing duties, a similar arrangement to the European Union, Greer told reporters.

WATCH: US Trade Representative Greer talks about the deal with Switzerland.

Source: Bloomberg

In exchange, Switzerland has committed to investing $200 billion in the US during President Donald Trump’s ...