Swiss Government Seeks Trade Agreement in Principle With US, Too
The Swiss president told reporters in Bern that her country would put together a letter of intent within two weeks, in the hopes of reaching an "agreement in principle" with the U.S., like the U.K. did (see 2505080033), and thereby avoid 31% reciprocal tariffs set to begin July 9.
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A Swiss government readout said President Karin Keller-Sutter and Vice President of the Federal Council Guy Parmelin had a constructive meeting with U.S. Treasury Secretary Scott Bessent and the U.S. trade representative, with the aim of "defining the parameters for a solution to the question of customs tariffs."
The Swiss said that those two administration officials assured her in April in Washington "that, while the discussions were ongoing, the United States would refrain from a new increase in customs tariffs on Switzerland."