Policies & IssuesNov 04, 2025
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U.S., Switzerland Reach Deal That Drops Tariff to 15%
The Swiss government announced the deal, which cuts the tax on Swiss imports by more than half, on social media Friday morning.
The Perpetual 1908 with the new 18-karat yellow gold “Settimo” bracelet was one of the new models Rolex introduced this year. On Friday, Switzerland announced that it had reached a deal with the U.S. government to cut tariffs on Swiss imports, like watches, from 39 percent to 15 percent.
Washington, D.C.—The United States and Switzerland have reached a deal that will cut tariffs on Swiss imports by more than half, a welcome announcement for both watch brands and retailers.
The Swiss government announced the deal Friday on X, writing, “Switzerland and the U.S. have successfully found a solution: U.S. tariffs will be reduced to 15%. Thanks to President Trump for the constructive engagement. The meeting with [U.S. Trade Representative Amb. Jamieson Greer] was productive.”
Greer confirmed that a framework for a deal had been reached during an appearance on CNBC’s “Squawk Box” Friday morning.
“We’ve essentially reached a deal with Switzerland,” he said when asked which countries were next in line for trade deals.
“They’re going to send a lot of their manufacturing to the United States—pharmaceuticals, gold smelting, railway equipment, so we’re really excited about that deal and what it means for American manufacturing.”
Related stories will be right here …
The Swiss government announced the deal Friday on X, writing, “Switzerland and the U.S. have successfully found a solution: U.S. tariffs will be reduced to 15%. Thanks to President Trump for the constructive engagement. The meeting with [U.S. Trade Representative Amb. Jamieson Greer] was productive.”
Greer confirmed that a framework for a deal had been reached during an appearance on CNBC’s “Squawk Box” Friday morning.
“We’ve essentially reached a deal with Switzerland,” he said when asked which countries were next in line for trade deals.
“They’re going to send a lot of their manufacturing to the United States—pharmaceuticals, gold smelting, railway equipment, so we’re really excited about that deal and what it means for American manufacturing.”
Trump set the tax on imports from Switzerland at 39 percent starting Aug. 1, just as his pause on “reciprocal” tariffs was lifting.
The steep tax roiled the watch industry, and leaders from top Swiss watch brands engaged with the president in an effort to improve relations and relay how the steep tariff negatively impacts the industry.
Rolex invited Trump to be its guest at the U.S. Open men’s final in September (Rolex is the official timekeeper of the tennis tournament), and last week, executives from Rolex and Richemont, along with other Swiss business leaders, met with Trump to discuss a possible trade agreement.
Greer said on CNBC that more details about the trade deal with Switzerland will be posted to the White House website later today.
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