A new tariff agreement was reached last week between the United States and Switzerland. The agreement sets a 15% tariff ceiling on Swiss imports, down from the previous 39%.

Negotiations to finalise the agreement, which also involves Liechtenstein, are scheduled to conclude by the first quarter of 2026, according to a White House statement.

The arrangement also includes a commitment by Swiss companies to invest $200 billion in the US by the end of 2028, with $67 billion expected in 2026.

The investment will focus on US production in pharmaceuticals, medical devices, aerospace, and gold manufacturing.

Pharmaceuticals remain Switzerland’s largest export to the US, and the deal guarantees a 15% tariff cap for producers, limiting the impact of forthcoming national security duties that could otherwise reach 100% on certain patented drugs.

Swiss officials confirmed that the 15% ceiling will also apply to future duties on semiconductors, and that the agreement will reduce Swiss import duties on US industrial goods, fish, seafood and selected agricultural products considered non-sensitive.

Switzerland will grant duty-free bilateral tariff quotas to the US covering 500 tonnes of beef, 1,000 tonnes of bison meat, and 1,500 tonnes of poultry.

Customers can check our global trade and tariffs page for updates on the overall development of the tariffs.