Swiss rush to get better US tariff deal

A 39% levy is due to take effect this week

- LIZ ALDERMAN

After days of hand-wringing in Switzerland about why President Donald Trump targeted the country with a punishingly high tariff, the Swiss government held an emergency Cabinet meeting Monday and announced it would present Washington with a “more attractive offer” to reduce the levy before it takes effect.

At the same time, the government said that it was preparing measures to shield Switzerland’s economy “in the event of temporary and unavoidable job losses caused by the new tariffs.” If the country doesn’t agree to a trade deal, Swiss goods will be hit with an eyepopping 39% tariff in the United States beginning today.

The Swiss were stunned last Friday when Trump set the tariff rate on goods from its longtime European ally at one of the highest levels in the world. The announcement set off a frenzied weekend of discussions and recriminations over how a 20-minute phone call last Thursday between Trump and President Karin Keller-Sutter of Switzerland appeared to have slid off the rails.

“We had no indication even in the last hours before the call of the president that it could end in this manner, and above all, no indication that we would be hit with such a punishment,” Swiss Economy Minister Guy Parmelin said in an interview on local radio.

Mr Parmelin gave no details on what the Swiss could offer Trump to sweeten a deal and said one could be “difficult to achieve” by yesterday. But the Swiss noted that countries that wound up securing a better outcome had done things like increase investment pledges and vow to buy more US energy products, he added.