US to Cut Tariffs on Swiss Goods to 15% in Breakthrough Deal (3)

The US and Switzerland reached a preliminary trade agreement to lower tariffs on many Swiss goods including watches from 39% to 15%, in a measure of relief for the country’s beleaguered exporters.

Swiss officials have been engaged in intense diplomacy since the higher rate was announced in August, pushing to get a better deal.

Economy Minister Guy Parmelin spoke to reporters in the Swiss capital Bern to explain the agreement, stressing that the previous tariff affected about 40% of its exports but that the country “has not made any concessions which would threaten its neutrality or independence.”

The pending ...