U.S Secretary of the Treasury Scott Bessent (R), with Swiss President Karin Keller-Sutter (C), and Swiss Economy Minister Guy Parmelin (L), in Geneva, Switzerland, on May 9, 2025. Martial Trezzini/Keystone via AP
Swiss President Karin Keller-Sutter and Economy Minister Guy Parmelin will fly to Washington on Tuesday for talks aimed at avoiding the 39 percent tariffs U.S. President Donald Trump announced last week.
The 39 percent levy, announced on July 31, is set to take effect on Thursday and would mean Swiss companies face one of the steepest export duties. Only Laos, Burma (also known as Myanmar), and Syria have higher rates, at 40 to 41 percent. The 27-member European Union has tariffs of 15 percent. The UK negotiated 10 percent tariffs.
