Swiss ministers have arrived in Washington for discussions aimed at reducing the significant 39% tariffs imposed by former US President Donald Trump on Swiss exports – the highest rate levied on any European nation.
Initial attempts by Swiss President Karin Keller Sutter to alter Trump’s stance proved unsuccessful. However, a visit by business leaders on November 4 appears to have shifted his perspective.
A senior administration official conveyed to reporters on Thursday that the talks between the US and Swiss ministers were “very positive” and “very focused.” The official added that the Swiss delegation is “very aware” of the trade deficit with the US and expressed willingness to address the issue.
For months, Switzerland has been actively seeking a reduction in the tariff rate, which has had a substantial impact on its economy.
Reportedly, Trump responded to the Swiss president’s initial appeal by stating that she “was a nice woman, but she did not want to listen.”
In contrast, the private business initiative undertaken last week adopted a more unconventional approach.
On November 4, prominent Swiss industry leaders visited the Oval Office bearing gifts, including a Rolex gold watch and a specially engraved gold bar from MKS, a Swiss-based gold refining company.
This week, Trump has already indicated that a deal is in progress to reduce the tariffs “a little bit lower… I haven’t set any number”.
Following their discussions, the Swiss industrialists issued a statement emphasizing that “our entire initiative was undertaken in the spirit of Swiss unity between the private and public sectors.”
Notably, some business figures, particularly those involved in the luxury goods, gold, or commodities sectors, already possessed connections within Trump’s inner circle.
In September, Trump made an appearance at the US Open tennis final in the Rolex VIP box, hosted by Jean Frédéric Dufour, the Swiss watch company’s chief executive.
The former president, seemingly anticipating the underlying dynamics, reportedly inquired whether Dufour would have been present if Trump had not imposed such significant tariffs on Switzerland.
Last week, Dufour once again met with Trump, this time in the Oval Office, accompanied by fellow business leaders including Johann Rupert from luxury goods maker Richemont and Marwan Shakarchi from MKS.
It is customary for leaders visiting the Oval Office to present a gift.
UK Prime Minister Sir Keir Starmer presented an invitation from King Charles for a state visit. German Chancellor Friedrich Merz offered a framed copy of Trump’s German grandfather’s birth certificate.
Requests for confirmation of the gifts to the two Swiss companies involved brought a “no comment” from Rolex and MKS.
However, in the days following the meeting, Trump was photographed in the Oval Office with what appeared to be a Rolex “Datejust” desk clock, a collector’s item produced by the company and valued at tens of thousands of dollars.
A White House official confirmed that the two items had indeed been given to Trump.
The US president receives thousands of gifts annually, which subsequently become US property and are deposited with the National Archives. The State Department files a report annually.
Eventually, the gifts are transferred to a presidential library. Presidents are permitted to retain certain gifts, but they are required to pay federal taxes on items not received from close relatives.
In 1969, President Richard Nixon respectfully declined the gift of a Swiss Omega watch intended to commemorate the Moon landings.
Regardless of the ultimate fate of the Swiss gifts, Trump’s disposition toward Switzerland appears to be softening, as he informed reporters that he is working on measures “to help Switzerland.”
Swiss economy minister Guy Parmelin and chief trade negotiator Helene Budliger Artieda, who traveled to Washington on Wednesday, are expressing greater optimism than they have in recent months, amid speculation that the 39% tariff may be reduced to 15% – the same rate applied to Switzerland’s neighbors in the EU.
In return, Swiss pharmaceutical giants have reportedly offered to expand their production facilities in the US. Furthermore, it has been suggested that Swiss International Airlines, whose fleet primarily consists of Airbus aircraft, may consider shifting towards Boeing.
The question remains whether these concessions will suffice. Swiss industry is awaiting the outcome with anticipation, as the tariffs are beginning to take a toll, with several Swiss companies cautioning that they may need to furlough staff if the situation remains unchanged.
The Swiss do have one more highly influential figure they can call on.
Fifa president and Swiss citizen Gianni Infantino, long a friend of Trump’s, was reportedly urged by some Swiss parliamentarians to try to change the president’s mind.
As part of preparations for next year’s World Cup in the US, Canada and Mexico, Infantino visited the Oval Office in August bearing the trophy.
As the cameras rolled he handed it to Trump saying he was “a winner”. The president responded asking “can I keep it? That’s a beautiful piece of gold”.
Infantino has also announced a brand new Fifa world peace prize, to be announced in Washington DC on 5 December.
All bets are off as to who that might be.
Oklahoma Governor Kevin Stitt granted clemency to Tremane Wood, who was convicted for his role in the death of migrant farmworker Ronnie Wipf in 2002.
October marked the 10th month of decreased Canadian travel to the US, with many staying away over political and trade tensions.
The new maps in California favour Democrats and cancel out gains made by Republicans after they redistricted in Texas.
“They’re committing acts of sexual violence and atrocities,” says the US secretary of state, “and it needs to end immediately”.
The businessman, whose family trust owns Tottenham Hotspur, pleaded guilty in 2024 to insider trading as part of a deal with prosecutors.