ZURICH (Reuters) -Cartier-owner Richemont reported better-than-expected quarterly sales on Friday, as the Geneva-based luxury group awaited the outcome of tariff negotiations between Switzerland and the United States.

The U.S. and Switzerland have edged closer to a trade deal to reduce President Donald Trump’s crippling 39% tariffs on Swiss imports and shrink Switzerland’s trade surplus with the U.S. after talks in Washington on Thursday, officials from the two countries said.

The United States is Richemont’s biggest single market, generating around 22% of the company’s sales. The company’s other brands include watchmakers IWC, Piaget and Jaeger-LeCoultre, as well as jeweller Van Cleef & Arpels.

Quarterly sales were up 14% at constant exchange rates in the July-September period, the com

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