President Trump views trade practices of various countries as exploitative, particularly highlighting Switzerland's $48 billion trade deficit with the US. He implemented a 39% tariff on Swiss imports, significantly impacting luxury goods. Despite Switzerland's attempts to negotiate a framework trade deal during a visit by President Karin Keller-Sutter, talks were unsuccessful, with no direct meeting with Trump. The Swiss gold refining sector has drawn attention due to its substantial effect on trade imbalances, leading to US scrutiny of the trade relationship with Switzerland.
President Donald Trump argues that trade partners of the United States benefit from access to the US market while restricting access to their own, perpetuating trade imbalances.
Trump imposed a 39% tariff on Swiss imports due to a $48 billion trade deficit, the highest tariff among developed countries, significantly impacting luxury and consumer goods.
Despite high-level talks, Switzerland could not secure a trade framework deal with the US, as President Karin Keller-Sutter left her meeting with US Secretary of State empty-handed.
The Swiss gold refining sector is under scrutiny for its significant role in trade calculations, amplifying the trade imbalance given the large amounts of gold processed.
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