New Delhi, Nov 15: Switzerland and the United States have agreed to reduce President Donald Trump’s 39 percent tariffs on Swiss imports to 15 percent, in a deal that also commits Switzerland to invest $200 billion in the US economy by 2028, the BBC reported.

Swiss Economics Minister Guy Parmelin said the agreement follows months of economic strain and a decisive meeting between Swiss business leaders and Trump at the White House on 4 November.

According to the BBC, industry executives presented gifts, including a Rolex gold watch and an engraved gold bar, during the Oval Office talks. The US Trade Representative confirmed the tariff-cutting deal, which aligns Switzerland with the 15% rate previously negotiated by EU countries. As part of the agreement, Switzerland will also lift tariffs

See Full Page