The United States and Switzerland said Friday that they have reached an agreement to sharply lower tariffs imposed by President Donald Trump, with the Alpine nation vowing to invest $200 billion in the US to win over the White House.

The deal was announced a day after talks in Washington, where Swiss economy minister Guy Parmelin visited in hopes of easing steep duties the Trump administration rolled out this year.

Trump shocked Switzerland in August when he slapped an added 39-percent duty on imports of goods from the country, among the highest in his global tariff blitz.

The latest framework agreement brings this tariff down to 15 percent for Switzerland and Liechtenstein products, the White House said.

The new rate will serve as a ceiling for goods previously tariffed at lower level

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