Switzerland is actively working to avoid high US tariffs by highlighting its significant contribution to the American economy.
Switzerland-US Negotiations
Last week, a Swiss delegation visited Washington after the US started reviewing countries for unfair trade practices. Switzerland was on this list. According to Reuters, Guy Parmelin is hopeful for US reconsideration of its tariff plans, though a final decision is expected on April 2.
Switzerland's Economic Importance to the US
Parmelin emphasized that Switzerland is the sixth largest foreign investor in the US, employing around 400,000 Americans. Despite this, the US is considering tariffs on Swiss goods.
Limited Response Options
Switzerland has previously expressed concerns over US plans to implement new tariffs on all imports. Switzerland's ability to retaliate is limited, having already removed industrial tariffs on US goods. Parmelin is considering 'sensible responses' and discussing potential strategies with European trade partners.
Economists warn that additional US tariffs could significantly impact Switzerland's economy since the US is the country's largest trading partner.
