Swiss to try to negotiate way out of stiff US tariffs

GENEVA, Aug 1 (AFP): The Swiss government said Friday it would negotiate with the United States to try to avoid the 39 percent punitive US tariff rate that would ravage its key pharmaceutical industry.

As part of a slew of new tariffs unveiled late Thursday on nearly 70 countries, Washington said it planned to charge a 39 percent tariff rate on Swiss goods, higher than the 31 percent rate that it had been threatening to implement.

The new rate is set to go into effect on August 7, and would also prove painful for Switzerland's manufacturing and watchmaking industries.

The Swiss government said it remains in contact with US authorities and "still hopes to find a negotiated solution...", in a statement on X.

"The Federal Council notes with great regret the intention of the US to unilaterally burden Swiss imports with considerable import duties despite the progress made in bilateral talks and Switzerland's very constructive position," it added.

Senior Swiss officials had held numerous discussions with their US counterparts in an attempt to reach a deal with the administration of US President Donald Trump, like Britain and the European Union have.