Could US tariffs on Swiss imports rise? US President Donald Trump said on Wednesday that he had reduced a US tariff on imports from Switzerland under pressure from Swiss companies, including Rolex, but hinted that the rates could rise again.
“I brought it down because I don’t want to hurt people. I don’t want to hurt them. And we brought it down; it doesn’t mean it won’t go up,” Trump said Wednesday, Jan. 21, at the World Economic Forum in Davos, Switzerland.
The current US tariff rate on many Swiss goods is 15%.
US agrees to cut Swiss tariffs to 15%
Trump’s comments in Davos came days after the US and Switzerland reached a tentative trade deal last November to cut tariffs on many Swiss goods, including watches, from 39% to 15%.
Under the deal, companies from Switzerland and Liechtenstein pledged to invest $200 billion in the U.S. over the next five years, with $67 billion earmarked for 2026, according to a White House fact sheet seen by Reuters.
As part of the deal, Switzerland will also grant the US duty-free bilateral tariff quotas for 500 tonnes of beef, 1,000 tonnes of bison and 1,500 tonnes of poultry in a rare softening of its agricultural trade barriers.
Trump’s tariffs are in the spotlight amid the U.S. Supreme Court ruling
Donald Trump’s comments on the tariffs – during an appearance at the World Economic Forum in Davos – come amid much anticipation of an expected decision by the US Supreme Court on the legality of Trump’s sweeping tariff regime.
A ruling by the US Supreme Court (SCOTUS) would determine whether Trump acted within his legal authority as president and whether the tariffs can legally apply.
On Tuesday, SCOTUS again missed a ruling on the legality of the Trump administration’s tariffs on nearly all of America’s trading partners.
