Swiss deploy charm offensive in bid to slash crippling Trump tariffs

Swiss ministers held “very positive” talks in Washington, US officials said, in an attempt to reduce US President Donald Trump's steep 39% tariffs on Swiss exports to the US – the highest in Europe.

One senior U.S. official said the Swiss are “very aware” of their trade deficit and are willing to address it, which will hopefully lead to “significant reductions” in tariffs.

Meanwhile, Swiss Economy Minister Guy Parmelin said both sides “clarified almost everything” during the negotiations.

Switzerland has been trying for months to reduce the tariff rate, which has hit the country hard.

Swiss industry leaders came to the Oval Office on November 4 with gifts including gold Rolex watches and a specially engraved gold bar from Swiss gold processing company MKS.

Swiss President Karin Keller Satter's initial attempts to change Trump's mind fell on deaf ears. However, last week's private initiative may have made all the difference. Trump's response to the Swiss president's proposal was that she “was a good woman, but she didn't want to listen.”

But after a private business initiative last week, Trump said a deal was being worked on to lower tariffs “a little bit lower… I didn't give any number.”

For the Swiss industry, this deal couldn't come soon enough. Technology exports to the United States fell 14.2% compared to the third quarter of last year. according to latest statistics – a sharp drop after the introduction of tariff increases in August.

Some Swiss business figures, especially those who trade in luxury goods, gold or commodities, already had contacts in Trump's circle.

In September, Trump appeared at the finals of the US Open tennis tournament in the Rolex VIP box, which was hosted by the CEO of the Swiss watch company, Jean Frederic Dufour.

The President, apparently realizing what was happening, even asked whether Dufour would have been there if Trump had not imposed such high duties on Switzerland.

Dufour met with Trump again last week, this time in the Oval Office, along with other business leaders including Johann Rupert of luxury goods maker Richemont and Marwan Shakarchi of MKS.

Today, it is quite normal for any leader heading to the Oval Office to bring a gift.

British Prime Minister Sir Keir Starmer brought an invitation from King Charles to a luxurious state visit. German Chancellor Friedrich Merz offered a framed copy of Trump's German grandfather's birth certificate.

Requests for confirmation of the gifts to the two Swiss companies involved, Rolex and MKS, were responded with “no comment.”

But a few days after the meeting, Trump was photographed in the Oval Office holding what looked like a Rolex Datejust table clock, which the company produced as a collector's item and was worth tens of thousands of dollars.

A White House spokesman confirmed the two items were given to Trump.

The President of the United States receives thousands of gifts each year, which then become the property of the United States, deposited in the National Archives, and recorded annually by the State Department.

Ultimately they are transferred to the presidential library. Some gifts can be kept, but presidents will have to pay federal taxes unless they come from a close relative.

In 1969, President Richard Nixon gently declined a gift of a Swiss Omega watch to commemorate the moon landing.

Whatever happened to the Swiss gifts, Trump's stance toward the Swiss appears to be softening, and he tells reporters he is working on something “to help Switzerland.”

Swiss Economy Minister Guy Parmelin and chief trade negotiator Helene Budliger Artieda, who visited Washington on Wednesday, are more hopeful than at any time in recent months amid speculation that the 39% tariff could be cut to 15% – the same as Switzerland's EU neighbors.

In turn, promises from Swiss pharmaceutical giants to build more manufacturing facilities in the United States are already being discussed. It is also reported that Swiss International Airlines, whose fleet mainly consists of Airbus, may switch to Boeing.

But will this be enough? Swiss industry is waiting with bated breath. A number of Swiss companies have warned that they will have to lay off staff if nothing changes.

The Swiss have another very influential figure to whom they can turn.

Some Swiss parliamentarians have reportedly called on FIFA President and Swiss citizen Gianni Infantino, a longtime friend of Trump, to try to change the president's mind.

In preparation for next year's World Cup in the United States, Canada and Mexico, Infantino visited the Oval Office in August with the trophy.

While the cameras were rolling, he handed it to Trump, saying he was a “winner.” The President responded with a question: “Can I keep this? It's a beautiful piece of gold.”

Infantino also announced the new FIFA World Prize, which will be announced in Washington on December 5.

All bets are off on who it might be.