With tax reduced from 39% to 15%, Switzerland will move pharmaceutical production and gold refining to the US.

On November 14, the Swiss government announced that it had reached a new trade agreement framework, in which the US will reduce tariffs on Swiss goods from 39% to 15%.

Swiss Minister of Economy Guy Parmelin - Photo: REUTERS

This is good news for Swiss industries, which have been subject to a 39% US tax since August 1.

Switzerland invests $200 billion in the US

According to Reuters, the Swiss government said that under the tax agreement, Swiss companies are planning to directly invest in the US with a total value of 200 billion USD by the end of 2028.

"This will also include efforts to strengthen education and vocational training," the Swiss government said in a statement.

In addition, Switzerland will reduce import tariffs on many US goods, including all industrial products, seafood and "non-sensitive" agricultural products.

"Under the agreement, Switzerland will grant duty-free bilateral tariff quotas for certain US exports, including 500 tonnes of beef, 1,000 tonnes of bison and 1,500 tonnes of poultry," the government said.

Earlier, US Trade Representative Jamieson Greer said Washington had "basically reached an agreement with Switzerland". According to him, Switzerland is expected to move "a lot of manufacturing activities to the US", including pharmaceuticals, gold refining, and railway equipment.

“We are really excited about this deal and what it means for American manufacturing,” Mr. Greer said.

The US trade representative said the country would maintain tariffs on Swiss imports as part of the deal, but did not specify the 15% tariff.

Returning from his meeting with Mr. Jamieson Greer, Swiss Economy Minister Guy Parmelin announced that "almost all issues had been clarified," but did not provide details of the discussion.

Economic growth forecast to improve

Exports to the US in the three months to September fell 14%, while machine tool manufacturers recorded a drop of up to 43%, according to Swissmem, the Swiss technology industry association.

Swiss industrial groups welcomed the deal, saying it would put the country on a "level playing field" with competitors from the European Union, which also faces a 15% tariff on exports to the US.

"For the first time, we have the same conditions as European competitors in the US market," said Swissmechanic President Nicola Tettamanti, a representative of small and medium-sized manufacturers.

Hans Gersbach, director of the KOF Swiss Economic Institute, was more cautious, saying that economic burdens and risks still existed. He said that the Swiss machinery, precision equipment, watch and food industries would benefit the most.

According to him, the KOF Institute has forecast Swiss economic growth of 0.9% in 2026, but with lower taxes, this figure could exceed 1%.

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THANH HIEN

Source: https://tuoitre.vn/duoc-giam-thue-tu-39-con-15-thuy-si-se-dua-san-xuat-duoc-pham-luyen-vang-sang-my-20251114225917279.htm