Swiss Economy Minister Seeks US Trade Talks Progress by July

Swiss Federal Councillor Guy Parmelin expressed hope for progress in customs negotiations with the United States by early July, highlighting the importance of diversifying trade partners to avoid overreliance on a single country. The US had initially announced a 31% tariff on Swiss products in April but suspended the full implementation until July 9, currently applying a 10% tariff rate. Parmelin noted the US interest in the Swiss apprenticeship model as part of its reindustrialization efforts, emphasizing ongoing dialogues with US officials. Meanwhile, US President Donald Trump plans to use tariffs strategically to support American producers, with a focus on major import partners like Mexico, China, and Canada. The looming deadline for tariff decisions has created pressure on Switzerland, especially as the US has simultaneously threatened higher tariffs on the EU. These developments underscore the complex trade dynamics and the potential risk of escalating tariffs affecting Switzerland and broader transatlantic trade relations.