U.S.–Switzerland Near Tariff Deal: 39% Duties Could Drop to 15% as Trump Confirms Talks; Swiss Watch Stocks Rally (Nov. 11, 2025)
Published: November 11, 2025 Key points What’s new today The U.S. and Switzerland appear to be edging toward a breakthrough that would slash the punitive 39% “reciprocal” tariff Washington placed on Swiss goods this summer. Speaking in the Oval Office on Monday, President Trump said, “We’re working on a deal to get their tariffs a little bit lower,” confirming active talks but declining to name a number. Reuters Multiple outlets report the target under discussion is around 15%, aligning Switzerland with the effective baseline rate applied to European Union goods under the current U.S. tariff regime. Bloomberg’s update this morning