Switzerland’s government announced on Friday, November 14, that it had reached an agreement with Washington to more than halve the steep 39% tariffs imposed by President Donald Trump.

“Switzerland and the US have successfully found a solution: US tariffs will be reduced to 15 percent,” the government said on X.

It sent “thanks to President Trump (…) for the constructive engagement,” and said a meeting this week between Swiss Economy Minister Guy Parmelin and US Trade Representative Jamieson Greer had been “productive.” A day after the two sides held talks in Washington, Greer also told CNBC Friday: “We’ve essentially reached a deal with Switzerland.”

The Swiss government has scheduled a news conference for 4 pm local time to give more details of the agreement, while Greer said details would be posted on Friday on the White House website. The announcement comes after Trump shocked Switzerland in August by imposing 39% duties on imports of goods from the country, among the highest in his global tariff blitz.

The wealthy Alpine nation slashed its 2026 growth forecast as US tariffs weigh on its export-driven economy, as it tried to negotiate a better deal. It also expressed concern that the yawning gap between its rate and those Washington slapped on its closest competitors would give them a competitive edge. The European Union and Japan have already negotiated a 15% tariff, and Britain secured a rate of 10%.

In early August, Parmelin and Swiss President Karin Keller-Sutter, who is also the finance minister, made an emergency trip to Washington to try to sway the White House, but returned empty-handed. Parmelin made a second trip in September. Last week, the heads of six top Swiss firms, including the chiefs of watchmaker Rolex and luxury goods giant Richemont, met with Trump to draw his attention to the toll his tariffs are taking on their companies.

The tariff rate jeopardizes entire sectors of the export-heavy Swiss economy, notably watchmaking and industrial machinery but also chocolate and cheese. While the pharmaceutical industry, Switzerland’s largest export sector, had enjoyed an exemption from tariffs on medications, it faced regular threats that Trump would soon target medicine too.