skip to contentAdvertisementA senior US official said the meeting was "very positive," and could lead to a reduction in the US tariffs if Trump accepts proposed terms.By: Reuters Washington, Zurich,November 14, 2025 07:47 AM IST First published on: Nov 14, 2025 at 07:47 AM IST ShareWhatsapptwitterFacebookDonald Trump speaks during an event to announce new tariffs in the Rose Garden at the White House, on April 2, 2025, in Washington. (AP Photo)The US and Switzerland edged closer to a trade deal on Thursday to reduce President Donald Trump’s crippling 39 per cent tariffs on Swiss imports and shrink Switzerland’s trade surplus with the US after talks in Washington on Thursday, officials from the two countries said.Swiss Economy Minister Guy Parmelin told reporters after meeting with US Trade Representative Jamieson Greer that they “had a very good talk. We clarified virtually everything.”AdvertisementParmelin declined to provide details of the discussions but said there would be further communication when everything is “finally clear.”A Swiss source, speaking on condition of anonymity, said after the meeting a deal had effectively been reached.A senior US official said the meeting was “very positive,” and could lead to a reduction in the US tariffs if Trump accepts proposed terms.The official, speaking on condition of anonymity, said Swiss officials presented a plan to reduce and eliminate the trade surplus with the US, the official said, adding US officials expected to see a meaningful reduction in Swiss tariffs on US products, as well as reductions in non-tariff barriers.Switzerland had a $38.3 billion goods trade surplus with the US in 2024 according to US Census Bureau data. This rose to $55.7 billion in 2025 through July, reflecting primarily the front-loading of US imports from Switzerland during the first quarter, before Trump imposed his “reciprocal” tariffs in early April.The US official also said announcements by Swiss pharmaceutical companies such as Roche to invest in the US were having a positive impact. “There’s a quite focused effort by the Swiss business community to make sure that a lot of the things that create our deficit with Switzerland, that they reshore those here to United States, so that the sources of that irritation, that deficit are reduced or eliminated,” the official said.Parmelin had described as “very constructive” a conversation the pair had with Greer on a video telephone call on Friday.Prior to Thursday’s meeting in Washington, a Swiss source said the Swiss side was hopeful a deal could be reached to lower the tariffs to 15 per cent by this week or next, although it would need a final sign-off from Trump.‘RAY OF HOPE’This week Trump said he was working on a deal to lower the tariffs on goods from Switzerland. “I haven’t set any numbers, but we’re going to be working on something to help Switzerland,” Trump said.A reduction in tariffs to 15 per cent from 39 per cent would be a “ray of hope” for Swiss industry, said Hans Gersbach, a director of the KOF Economic Institute at ETH Zurich.Switzerland’s machinery, precision instruments, watchmaking, and food sectors, which have the US as a big export market, would get the most relief from such a cut, he added.At a tariff rate of 39 per cent, between 7,500 and 15,000 full-time jobs in Switzerland would be at risk, KOF estimates. But a rate of 15 per cent would dispel such a threat, Gersbach said.In the latter case, Swiss economic growth, now forecast by KOF at 0.9 per cent in 2026, would exceed 1 per cent again, he added.“This would be a relief for the entire economy,” Gersbach said.AdvertisementTop story1UK suspends some intel sharing with US over boat strike concerns as France says US military operations in Caribbean violate international law2‘World does not understand how dumb he really is’: What Jeffrey Epstein said about Donald Trump in an email exchange3US Government Shutdown 2025 Live Updates: Trump signs funding bill to end America’s longest running government shutdown4US to tighten visa oversight, Kristi Noem says only ‘right people’ should get in5World Kindness Day 2025: Date, theme, history, significance, and more detailsAdvertisementLoading Taboola...