Switzerland among 15 nations chosen for “privileged” US tariff negotiations

Swiss President Karin Keller-Sutter revealed that the United States under President Donald Trump's administration has selected Switzerland as one of 15 countries with which it intends to conduct “privileged” negotiations in response to sweeping new tariffs that have unsettled global trade markets.

Speaking in Washington following high-level meetings, including a one-on-one with US Treasury Secretary Scott Bessent and attendance at an International Monetary Fund conference, Keller-Sutter expressed cautious optimism about the direction of talks, Caliber.Az reports via foreign media.

“The United States has defined a group of 15 countries with which it wants to find ... a quick solution in this tariff question. Switzerland is part of this group of these 15 countries,” she told reporters.

In a separate interview with Swiss broadcaster SRF, she added, “The US envisages conducting — I would say somewhat privileged — negotiations and finding solutions with that group.”

It remains unclear which other 14 countries are included in the group. However, Keller-Sutter emphasized that talks with US authorities had been constructive. “The US authorities have clearly expressed their desire to find a solution with Switzerland,” she said.

The Swiss leader confirmed that negotiations would begin following the drafting of a memorandum of understanding. This document would outline the key areas of focus, and importantly, “we have also been assigned a specific contact person. This is not easy in the US administration,” she said, underlining the bureaucratic complexities often involved in international negotiations.

Switzerland had been facing potential US tariffs of 31 per cent on exports, significantly higher than the 20 per cent tariff level imposed on products from the European Union. Although not an EU member, Switzerland maintains close economic ties with the bloc. According to the Swiss Embassy in Washington, the US has been Switzerland’s most important export destination for goods since 2021, and Switzerland is the fourth-largest export market for US services. In 2023, the bilateral trade volume in goods and services reached $185.9 billion.

Keller-Sutter stressed the importance of swift resolution. “No timetable had been set, but the two sides agreed to move forward quickly because uncertainty is poison for the economy,” she said.

Trump’s “Liberation Day” tariff announcement on April 2 roiled global stock markets. However, following a phone call with Keller-Sutter — in which she underscored the “important role of Swiss companies and investments” in the US — Trump announced a 90-day pause on the planned tariffs for roughly 60 countries. While not confirmed, some Swiss media speculated the conversation influenced the administration’s change in direction.

Swiss Foreign Minister Ignazio Cassis, speaking from Beijing on April 24, described the reaction to the tariffs as catalyzing “a sort of coalition” among affected nations to negotiate with Washington.

Meanwhile, Swiss pharmaceutical giant Roche added to the evolving economic dynamic by announcing plans to invest $50 billion in the US over the next five years, though it did not specify how much of the investment was already underway.

By Vafa Guliyeva