Rolex and Gold Bars Prompt a Shift? Trump Says "Discussing Tariff Reduction with Switzerland"

Trump: "We will take measures to help Switzerland"

U.S. President Donald Trump is engaged in negotiations to lower the 39% reciprocal tariff imposed on Swiss imports.

On November 10 (local time), President Trump met with reporters at the White House and said, "We are working on lowering the tariff a little," according to Yonhap News on November 11.

When asked whether the tariff would be reduced to 15%, President Trump replied, "I never mentioned a number," but added, "However, we will take measures to help Switzerland. We hit Switzerland hard. We want Switzerland to continue to do well."

President Trump announcing reciprocal tariffs on various countries last April. Photo by Reuters Yonhap News

On the same day, Bloomberg News also reported, citing sources, that the United States and Switzerland are close to reaching an agreement to lower the reciprocal tariff from the current 39% to 15%. The report said the negotiations could be concluded within two weeks. The 15% rate is the same as the reciprocal tariff rate that the European Union and others previously negotiated with the United States.

Previously, in April, the Trump administration announced a 31% reciprocal tariff on Switzerland and entered into trade negotiations with a grace period. However, citing Switzerland's lack of "good faith" in addressing the trade imbalance, the tariff rate was raised to 39%, with actual imposition starting on August 7.

In response, Switzerland reached out to the United States to negotiate a tariff reduction, and last week, Swiss business leaders met President Trump in the Oval Office. It is reported that the attendees presented President Trump with a Rolex watch and custom gold bars for the presidential library.

Afterward, President Trump instructed Jamieson Greer, the United States Trade Representative (USTR), to accelerate the negotiations, and Greer held talks with Switzerland on the 7th. In a letter they delivered together, the gifts were described as "a symbolic gesture of gratitude reflecting the spirit of friendship and lasting ties between the two countries."

A spokesperson for the Swiss Ministry of Economic Affairs, when asked about reports predicting a tariff agreement, said, "Negotiations are ongoing," and declined to comment further.

This content was produced with the assistance of AI translation services.