Swiss President Karin Keller-Sutter is more pessimistic that a U.S.-Swiss deal, which would slash tariffs, can be reached by 2025, and says that progress is up to U.S. President Donald Trump.
In a Tages-Anzeiger newspaper interview on Friday, Keller-Sutter stated, “It’s not possible to forecast. Everything depends on whether the U.S. president gives the green light or not.”
It also follows a spat between the nations, most notably when Trump slapped a 39% penalty on Swiss exports in August 2025 over what he said was a trade deficit with the nation.
The decision came after a phone call with Keller-Sutter, whom the Swiss people had criticized for not handling the conversation properly. Later, Trump said she “didn’t want to listen” to his concerns about a U.S. deficit. Still different from initial assumptions, the conversation was not initiated by Keller-Sutter, but by the US Trade Representative.
In response to the tariffs being imposed by the Trump administration, Swiss officials have presented a package of new investment commitments and deficit-cutting measures to negotiate more favorable tariff terms.
The United States accounts for 17% of Switzerland’s exports
Switzerland has been negotiating for improved tariff terms with the Trump administration, presenting investment pledges and initiatives aimed at helping reduce the U.S. deficit.
Keller-Sutter had previously confirmed that Swiss officials are continuing to discuss tariffs with the U.S, noting that although U.S. tariffs cover less than 10% of Swiss exports, certain sectors have been severely impacted. She pointed out that machinery manufacturers were particularly at risk, seeing that Germany’s economic slowdown already strained them.
When the tariffs were first imposed, many Swiss economists and officials heavily disapproved of them, calling them unfair. At the time, Jan Atteslander, director of international relations for the Swiss business federation Economiesuisse, commented, “Thirty-nine percent tariffs: I was just shocked. This is unjustified; you can’t explain why they are so high.”
The United States absorbs nearly 17% of Switzerland’s total exports, making it a crucial market for the Alpine country. The pharmaceutical sector is Switzerland’s most valuable export to the U.S. Although it escaped the current 39% tariffs, Trump had threatened to implement a 100% levy on imported medicines.
Medical technology products are also a key export to the U.S. Swiss MPS CEO Gilles Robert said his company had already been offering the best possible prices before the new tariffs took effect, noting that there was no room left to lower prices given tight margins.
Adrian Hunn, of SwissMedTech, has so far warned that American patients would end up paying more for medical devices as a consequence.
Some believe that Switzerland could weather difficulties
Nonetheless, Switzerland has been working to expand into new markets and recently signed a trade agreement with India that took effect on October 1. The country has also finalized a deal with the South American trade bloc Mercosur.
Moreover, it is updating its long-established deal with China and still maintains its free-trade relationship with the European Union, which buys around 50% of Swiss exports.
Some continue to hold out hope for a U.S. policy reversal, but there is calm assurance that Switzerland can endure the difficulties. Atteslander even remarked, “To be a successful export nation, you have to have resilience in your DNA.”
However, what may suffer most in the long run are the once-close business relations between Switzerland and the U.S. There’s a real sense of disappointment in Switzerland, where companies not only valued the American market but took pride in working with it.
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