US Commerce Dept ‘pushed for control of Swiss investment’

The US Commerce Department pressed Switzerland during recent trade talks to commit billions of dollars in investments that Washington could allocate at its discretion, but Swiss officials refused, according to two people familiar with the matter.

- DAVE GRAHAM

On Nov 14, the United States and Switzerland announced a framework agreement under which Washington would cut tariffs on Swiss goods to 15% from 39%, while Swiss companies pledged to invest $200 billion in the US by the end of 2028.

That was 10 days after a meeting between US President Donald Trump and a group of Swiss business leaders at the White House that helped accelerate negotiations to roll back tariffs Trump had imposed in August, the sources said.

In September, US Commerce Secretary Howard Lutnick had urged Swiss negotiators to pledge investments for Washington to direct, similar to an accord the Trump administration said it had reached with Japan, the sources said.