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Privileged Tariff Talks 04/25 06:24
The Swiss president says Switzerland is among 15 countries with which the
United States plans to conduct "privileged" negotiations to help reach a deal
in the wake of sweeping U.S. tariffs on dozens of countries that have shaken
global markets.
GENEVA (AP) -- The Swiss president says Switzerland is among 15 countries
with which the United States plans to conduct "privileged" negotiations to help
reach a deal in the wake of sweeping U.S. tariffs on dozens of countries that
have shaken global markets.
Karin Keller-Sutter, in an interview with broadcaster SRF published Friday,
said she was "satisfied" with talks in Washington this week that included an
International Monetary Fund conference and her one-on-one meeting with U.S.
Treasury Secretary Scott Bessent. Keller-Sutter also serves as Switzerland's
finance minister.
"The United States has defined a group of 15 countries with which it wants
to find ... a quick solution in this tariff question. Switzerland is part of
this group of these 15 countries," she told reporters separately late Thursday
in Washington.
It was not immediately clear which 14 other countries were included, but she
told SRF that "the U.S. envisages conducting -- I would say somewhat privileged
-- negotiations and finding solutions" with that group.
Before the Trump administration paused some of its most stringent tariff
plans, products imported from Switzerland had been set to face tariffs of 31%
-- more than the 20% tariffs on goods from the European Union. Switzerland is
not a member of the 27-country bloc.
According to figures published by the Swiss Embassy in Washington, the U.S.
has been Switzerland's most important goods export market worldwide since 2021,
while Switzerland is the fourth most important export market for U.S. services.
The bilateral trade volume in goods and services between Switzerland and the
U.S. reached a total of $185.9 billion in 2023, the embassy says on its website.
Keller-Sutter said a memorandum of understanding was to be drawn up after
which negotiations can begin. A document would also lay out the most important
topics, and "we have also been assigned a specific contact person. This is not
easy in the U.S. administration," she was quoted as saying.
"The U.S. authorities have clearly expressed their desire to find a solution
with Switzerland," Keller-Sutter told SRF. She said no timetable had been set,
but the two sides agreed to move forward quickly "because uncertainty is poison
for the economy."
Trump's sweeping "Liberation Day" tariffs on April 2 set off turmoil in
world stock markets. A week later, Trump spoke by phone with Keller-Sutter in a
conversation that her office said focused on tariffs. She emphasized the
"important role of Swiss companies and investments" in the U.S.
Hours later, Trump announced the U-turn that paused the steep new tariffs on
about 60 countries for 90 days, fanning speculation -- which was not confirmed
-- in some Swiss media that her chat with Trump might have played a role in the
change of course.
On Thursday, Swiss Foreign Minister Ignazio Cassis, during a trip to
Beijing, said the U.S. tariffs have thrust the affected countries into "a sort
of coalition" to try to reach a deal with the United States. And on Monday,
Swiss pharmaceuticals giant Roche announced plans to invest $50 billion in the
U.S. over the next five years -- an unspecified amount of which has already
been under way.
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