President Donald Trump gave Switzerland a favorable tariff break one week after the country’s industry leaders buttered him up with priceless gold gifts.
U.S. trade representative Jamison Greer announced on CNBC’s Squawk Box Friday morning that the United States had reached a trade deal with Switzerland.
The Swiss government said on X that the deal cut its tariff rate from 39 percent to 15 percent, in line with the rates faced by other European countries. The relief couldn’t come sooner for Switzerland, as the high tariff rate saw Swiss tech exports drop to the U.S. by 14.2 percent in Q3.
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