Switzerland Advances US Trade Pact While EU Begins Tariff Rollback

Swiss officials said they will amend regulations to implement commitments made under a preliminary trade agreement with the United States.The Swiss Federal Council announced on June 29 that it plans to streamline the recognition of U.S. standards for passenger cars and medical devices, ease recognition of U.S. conformity assessment bodies, and make changes related to government procurement.“A comprehensive trade agreement remains the Federal Council’s overarching aim,” the Swiss officials said.The measures build on commitments made in a joint statement signed by Switzerland and the United States on Nov. 14, 2025, and are intended to stabilize bilateral trade relations.Meanwhile, the European Union prepares to begin removing tariffs on many U.S. products under its own deal with Washington.Switzerland Outlines Next StepsThe Swiss authorities said Bern has already reduced import tariffs on a range of U.S. products following the signing of the joint statement.The government said the additional measures “further contribute to the stabilization of bilateral economic relations between Switzerland and the United States and give Swiss exporters greater planning certainty.”It added that negotiations on a legally binding trade agreement remain ongoing.The announcement coincided with Swiss President Guy Parmelin’s visit to the United States, Canada, and Mexico, which is scheduled to continue through July 9.Parmelin said he met U.S. Trade Representative Jamieson Greer in Washington and delivered a document outlining Switzerland’s plans to implement the commitments set out in last year’s joint statement.“The negotiations continue,” Parmelin added in the June 29 post on X.Greer responded by saying that Washington welcomed Switzerland’s latest actions and that negotiations on a broader trade agreement were continuing.“We continue to work towards the conclusion of an Agreement on Fair, Balanced, and Reciprocal Trade that will further remove non-tariff barriers and deliver additional market access to U.S. exporters,” the Office of the U.S. Trade Representative said in a June 29 post on X.US–Swiss Trade LinksTrade talks gained urgency after President Donald Trump imposed a 39 percent tariff on Swiss imports last summer, the highest rate applied to any European country.That duty was later reduced to 15 percent under the November 2025 framework agreement, matching the tariff rate applied to goods imported from the EU.The United States and Switzerland maintain one of the largest bilateral trade relationships in Europe, spanning pharmaceuticals, medical technology, machinery, and financial services.According to U.S. trade data, total U.S. goods and services trade with Switzerland reached an estimated $188 billion in 2024, an increase of 10.4 percent, or $17.7 billion, from 2023.U.S. goods trade with Switzerland totaled an estimated $177.7 billion in 2025.Despite the sharp increase in exports, the United States recorded a goods trade deficit with Switzerland of $34.3 billion in 2025. That represented a 10.4 percent decline, or $4 billion, from the 2024 deficit.Washington recorded a services trade surplus of $29.7 billion with Switzerland in 2024, an increase of 30.9 percent or $7 billion, from the previous year.The European UnionSeparately, the EU confirmed that its side of a trade agreement reached with the United States last year will take effect on July 1.A regulation published in the Official Journal of the European Union said the bloc’s tariff concessions will take effect on July 1, removing import duties on many U.S. goods.They would also grant preferential market access for selected U.S. agricultural products and continue duty-free imports of U.S. lobster under a previous arrangement reached during Trump’s first term.The regulation will remain in force through Dec. 31, 2029.“Where appropriate, the [European] Commission shall submit together with the comprehensive assessment a legislative proposal to extend the period of application of this Regulation,” the document said.The legislation also includes safeguard provisions that allow the EU to suspend tariff concessions if the United States breaches the agreement’s terms.