The administration of U.S. President Donald Trump has reached an agreement with Switzerland that ends a months-long trade dispute between the two countries. As part of the deal, the United States has agreed to significantly reduce tariffs on Swiss products – from the previous 39% down to 15%. This measure is expected to ease trade disruptions caused by earlier high tariffs and to restore more stable economic ties.

The high tariffs of 39% applied to Swiss pharmaceutical products, the machinery industry, as well as luxury goods, including the famous Swiss watches. Because of these duties, Swiss exporters suffered major losses, so the reduction of tariffs to 15% is seen as significant relief. The new tariff regime will move closer to the conditions that apply to the European Union, giving Swiss producers a more equal access to the American market. It is estimated that this decision will have a positive effect on about 40% of Switzerland’s total exports.

The agreement was reached after months of negotiations, and a key high-level meeting was held at the White House earlier this month. Representatives of Swiss luxury brands, including Rolex and Cartier, were also present at that meeting, and they directly expressed their concerns to President Trump. Their presence clearly indicated how big the economic stakes were for the Swiss watch industry and luxury-goods manufacturers, since those categories had suffered the most from the high U.S. tariffs.

The agreement is expected to reduce tensions between the two countries and contribute to more stable trade relations. Lowering the tariffs will help Swiss manufacturers preserve competitiveness in the American market, after they had faced a loss of market share for months due to more expensive exports. American producers, for their part, have committed to reducing fees on the export of raw materials to Switzerland, which should make it easier to procure key materials for Swiss companies and further contribute to the normalization of economic relations.

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