Switzerland: US Trade Talks Continue, No Retaliation in Works

Switzerland's government said it will continue negotiations in the hopes of avoiding 39% U.S. tariffs that begin Aug. 8, which it says will apply to 60% of its exports. Pharmaceuticals, a major product from Switzerland, are not subject to reciprocal tariffs.

The Swiss government statement, issued Aug. 4, said that its government "remains in close contact with the affected sectors of the Swiss economy and with US officials."

"Through its contacts with the business community, the Federal Council has developed new approaches for its discussions with the United States and will continue negotiations with the aim of reaching a trade deal. Switzerland enters this new phase ready to present a more attractive offer, taking US concerns into account and seeking to ease the current tariff situation."

The statement said that Switzerland doesn't have industrial subsidies, and that 99% of U.S. exports enter its country duty-free. The Federal Council is not currently considering any countermeasures.