Nervous Swiss ready revised Trump offer for tariff relief

ZURICH: Switzerland soon hopes to finalise a new business offer for Washington to ease its tariff burden, which will likely include more defence spending and greater access for US energy interests, two people familiar with the matter said.

- DAVE GRAHAM

Switzerland was stunned when US President Donald Trump this month hit it with one of the world’s highest tariff rates, 39%, after complaining about the US trade deficit with the country on a call with Swiss President Karin Keller-Sutter. Since the levy came into effect Aug 7, Swiss officials have been working with the private sector to craft an improved package in a bid to get the tariffs closer to the 15% level Trump imposed on the European Union.

Mindful that US Treasury Secretary Scott Bessent has suggested he wants pending deals with the likes of Switzerland wrapped up by October, Bern aims to complete the package by early September, two Swiss sources said, speaking on condition of anonymity.

The offer includes more potential defence procurement from the United States, plans to enable the US to sell more liquefied natural gas through and to Switzerland, as well as more market access in some other areas, the sources added.