US-Switzerland Agreement: Tariffs, Investments, Market Access

On November 14, 2025, Switzerland and Liechtenstein published a joint statement on the conclusion of the non-binding memorandum of understanding with the US. At the same time, the White House announced that it reached a historic trade agreement with these two European countries. The deal includes provisions on country-specific additional tariffs, import duties for US products, and investments.

Key Points from the Agreement

As stated by all involved parties, under the Agreement, the US country-specific additional tariff on Swiss goods will be capped at 15%, an outcome shaped by Switzerland’s negotiating mandate from May and the Federal Council’s August proposal to narrow the bilateral trade deficit. Simultaneously, Switzerland will remove its import duties on a broad set of US products, including all industrial goods, fish, seafood, and certain agricultural items it does not consider sensitive.

In contrast, for agricultural products that remain viewed as sensitive, the Swiss and US governments reached a compromise. On the one hand, Switzerland will open duty-free bilateral tariff quotas for selected US exports, with the implementation of these market access concessions timed to match the US tariff reductions.

In addition to agreed customs measures, Swiss and Liechtenstein companies will invest around USD 200 billion in the US by 2028, with at least USD 67 billion invested in 2026. Notably, the US, Switzerland, and Liechtenstein committed not to introduce Digital Services Taxes, which the US administration views as harmful.

Conclusion

The planned tariff reduction should contribute to a steadier trade relationship among Switzerland, Liechtenstein, and the US, following a period of uncertainty and pressure caused by US-imposed tariffs. Even though the US tariffs will not return to pre-April levels, the Agreement reached represents a partial easing expected to support the Swiss and Liechtenstein economies by lowering costs for affected exporters and restoring greater predictability in trade. 

For the US, the agreement means eliminating the trade deficit with Switzerland and Liechtenstein by 2028 and increasing US access to these markets, particularly for US agricultural exporters of poultry, bison, and beef.

Source: The Portal of the Swiss Government, White House