Switzerland Gets Nothing: No Agreement to Reduce 39% Tariff; Trump Fixated on Americans Buying Swiss Watches

Swiss President Karin Keller-Sutter left Washington empty-handed Wednesday after a hastily arranged trip to avert a crippling 39% tariff on exports to the U.S., its biggest market, three sources said.

Keller-Sutter said she had a "very good meeting" with U.S. Secretary of State Marco Rubio, but one of the sources said she did not meet with Trump or any of his top trade officials.

The Swiss president had been seeking a tariff rate of 10%, which U.S. officials rejected, the source said, citing Trump's goal of reducing the U.S. trade deficit.

Switzerland had a goods trade surplus with the U.S. of almost 38.7 billion francs ($47.98 billion) in 2024.

Washington is potentially seeking more energy and defense exports to Switzerland, according to a Swiss source familiar with the discussions.

The U.S. is a leading buyer of Swiss watches, machinery and chocolate.