Could US tariff rates on Swiss imports rise? US President Donald Trump on Wednesday said he had lowered the US tariff rate on imports from Switzerland amid pressure from Swiss companies, including Rolex, but hinted that the rates could rise again.
"I reduced it because I don't want to hurt people. I don't want to hurt them. And we brought it down to a lower level; doesn't mean it's not going up," Trump said at the World Economic Forum in Davos, Switzerland, on Wednesday, 21 January.
The current rate of US tariffs on many Swiss goods is 15%.
US agrees to lower Swiss tariffs to 15%
Trump's comments in Davos came days after the US and Switzerland reached a preliminary trade agreement in November last year to slash tariffs on many Swiss goods, including watches, from 39% to 15%.
Under the agreement, companies from Switzerland and Liechtenstein pledged to invest $200 billion in the US over the next five years, with $67 billion earmarked for 2026, according to a White House fact sheet seen by Reuters.
Under the deal, Switzerland will also grant the US duty-free bilateral tariff quotas on 500 tonnes of beef, 1,000 tonnes of bison meat and 1,500 tonnes of poultry meat in a rare softening of its agricultural trade barriers.
Trump tariffs in focus amid US Supreme Court ruling wait
Donald Trump's comments about tariffs – while speaking at the World Economic Forum in Davos – come at a time when there is a lot of anticipation about the US Supreme Court's expected ruling on the legality of Trump's sweeping tariff regime.
The US Supreme Court's (SCOTUS) ruling would determine whether Trump acted within his statutory authority as president and whether the tariffs can legally stand.
