Switzerland Hopes to Slash Trump’s Sky-High Tariffs After Golden Charm Offensive

Swiss ministers have held “very positive” talks in Washington to negotiate a reduction of the steep 39% tariffs imposed by US President Donald Trump on Swiss exports — the highest in Europe. Switzerland’s Economics Minister Guy Parmelin said the discussions had “clarified almost everything.”

To win Trump’s favor, Swiss industry leaders brought luxury gifts to the Oval Office, including a Rolex gold watch and a specially engraved gold bar. This golden charm offensive appears to have had an impact, with Trump indicating that a deal to reduce tariffs “a little bit” is underway, though no exact figures were shared.

The tariffs have hit Switzerland hard: tech exports to the US fell 14.2% in Q3 compared to last year, while luxury and gold sectors fear layoffs. In return, Swiss pharmaceutical giants have promised to expand production in the US, and Swiss International Airlines may shift part of its fleet to Boeing aircraft.

The Swiss initiative is part of a broader pattern of diplomatic gift-giving and personal lobbying in Washington. Businesses and government alike hope that a meaningful tariff reduction will restore stability and protect Swiss economic interests.