In a bid to reduce the steep 39% tariffs imposed by US President Donald Trump on Swiss exports, Swiss ministers and business leaders have embarked on a diplomatic mission to Washington. Initial efforts by Swiss President Karin Keller Sutter to negotiate a reduction were unsuccessful, but a recent visit by Swiss industry chiefs appears to have shifted the dynamics. On November 4, these leaders presented Trump with luxurious gifts, including a Rolex gold watch and a specially engraved gold bar from Swiss-based gold refining company MKS. These gestures seem to have influenced Trump, who has since hinted at a potential tariff reduction, stating that a deal is being worked on to bring the tariffs ‘a little bit lower.’
The Swiss delegation emphasized the unity between the private and public sectors in their initiative. Notably, some Swiss business figures, particularly those in luxury goods and commodities, already had connections within Trump’s circle. For instance, Jean Frédéric Dufour, CEO of Rolex, had previously hosted Trump at the US Open tennis final in September. Last week, Dufour and other business leaders, including Johann Rupert from Richemont and Marwan Shakarchi from MKS, met Trump in the Oval Office. Following the meeting, Trump was photographed with a Rolex ‘Datejust’ desk clock, a collector’s item worth tens of thousands of dollars, on his desk.
While the White House confirmed the receipt of these gifts, it remains unclear whether Trump will retain them, as all presidential gifts become US property and are eventually transferred to a presidential library. Historically, President Richard Nixon once declined a Swiss Omega watch commemorating the Moon landings. However, Trump’s apparent softening stance towards Switzerland has sparked optimism among Swiss officials. Economy Minister Guy Parmelin and chief trade negotiator Helene Budliger Artieda, who arrived in Washington on Wednesday, are hopeful that the tariffs could be reduced to 15%, aligning with those of Switzerland’s EU neighbors.
In exchange, Swiss pharmaceutical giants have offered to build more production plants in the US, and Swiss International Airlines may shift its fleet from Airbus to Boeing. Despite these efforts, Swiss industries remain anxious, with some companies warning of potential staff furloughs if the tariffs persist. As a last resort, Swiss officials may call on FIFA President Gianni Infantino, a long-time friend of Trump, to intervene. Infantino, who visited the Oval Office in August with the FIFA World Cup trophy, has also announced a new FIFA world peace prize, to be unveiled in Washington DC on December 5. The outcome of these diplomatic efforts remains uncertain, but the stakes are high for both nations.