Switzerland to boost US investment as deal struck to lower US tariffs on
Swiss goods to 15%
[November 15, 2025] By
JAMEY KEATEN
GENEVA (AP) — Switzerland announced plans on Friday to invest $200
billion in the United States through 2028 as it finalized a hard-wrought
deal to slash U.S. tariffs on Swiss goods.
Economy Minister Guy Parmelin said the Trump administration has agreed
to cut U.S. tariffs on most Swiss goods to 15% — the same level imposed
on the neighboring European Union — from 39%, the highest rate on any
Western country.
Speaking to reporters in Bern, the capital, Parmelin hailed the deal as
a result of “new momentum generated by the commitment of the American
president” and said it would take “several weeks” to take effect.
The White House confirmed the deal Friday, adding that companies from
Switzerland and tiny Liechtenstein would invest $67 billion of the $200
billion in the United States next year.
“These investments will create thousands of well-paying American jobs
across all 50 states in a number of sectors, such as pharmaceuticals,
machinery, medical devices, aerospace, construction, advanced
manufacturing, gold manufacturing, and energy infrastructure,” said a
White House fact sheet.
The U.S. consistently runs a deficit — more than $38 billion last year —
in the trade of goods with Switzerland. The White House said "this deal
with Switzerland will put us on a path to eliminate that deficit by
2028.''
Earlier, U.S. Trade Representative Jamieson Greer said on CNBC that
Switzerland would move manufacturing of some pharmaceuticals, gold
smelting and railway equipment to the United States.
The reduction in U.S. tariffs comes months after the Trump
administration raised tariffs on Swiss goods from an initial 31%
announced in April — part of the “Liberation Day” tariffs on scores of
countries — to 39% on July 31.
That sparked a quick and sustained push from Switzerland's government
and business leaders to bring them down — efforts that had been
fruitless until Friday's announcement.
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Swiss Federal Councillor Guy Parmelin speaks during a news
conference, Friday, Nov. 14, 2025, in Bern, Switzerland. (Alessandro
della Valle/Keystone via AP)
 Switzerland is already a top foreign
investor in the U.S. The $200 billion in Swiss investment will
involve the private sector — what Parmelin called “Team Switzerland”
cooperating with government. It wasn't immediately clear whether
that was all new investment: Pharma giant Roche announced a $50
billion investment as the tariff tensions emerged.
Some Swiss goods, notably in the pharmaceuticals, chemicals, gold
and semiconductor industries, had already been exempted from the 39%
rate, which had threatened to put Swiss goods at a massive
disadvantage to competitors from the EU and beyond.
The U.S. will also suspend extra tariffs on other goods deemed
“important” such as in aviation, but those on other sectors such as
industrial machinery, watches, coffee and cheese will continue,
Parmelin said. Switzerland will continue to try to lower the tariffs
on those, he said.
The deal comes after a month-long diplomatic courtship by top Swiss
officials, who deployed high-level teams to Washington, including
missions led by President Karin Keller-Sutter and Parmelin.
Last week, a half-dozen top executives from leading Swiss companies
including Rolex, gold refining company MKS Pamp, and luxury group
Richemont met with Trump at the Oval Office to press the Swiss case.
___
Associated Press reporters Michelle Price and Paul Wiseman in
Washington contributed to this report.
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