Swiss Public Sentiment Worsens Over US Tariff Deal
69% Oppose Agreement, 62% Say Investment Is "Excessive"
Minister Leading Negotiations: "We Did Not Make a Deal with the Devil"
Two out of three Swiss citizens oppose the results of the tariff negotiations with the United States. On December 3 (local time), Yonhap News cited the Swiss daily Blick, reporting that "when asked, 'If there were a national referendum on the tariff negotiations with the United States, which side would you vote for?', 69% of respondents said they would vote against it."
Two out of three Swiss citizens oppose the results of the tariff negotiations with the United States. Photo by EPA Yonhap News
Regarding the Swiss government's decision to lower mutual tariffs in exchange for investing 200 billion dollars (approximately 293 trillion won) in the United States by 2028, 62% of respondents said it was "excessive," while 70% agreed with the assessment that the negotiation results amounted to "capitulation to the United States." The survey was conducted by the polling agency Sotomo from November 24 to 29, targeting 9,284 Swiss citizens.
On November 14, the two countries agreed to reduce tariffs on Swiss imports from 39% to 15%, in return for Swiss companies making direct investments in the United States totaling 200 billion dollars (293 trillion won) by 2028. While the direct investment amount is similar to that of South Korea, Switzerland's gross domestic product (GDP) is about 1 trillion dollars, roughly half of South Korea's GDP (about 1.86 trillion dollars). In addition, Switzerland must open its entire market for industrial goods and fishery and seafood products to the United States. For beef, poultry, and similar products, duty-free quotas will apply.
The Swiss government is working to apply the reduced tariffs starting this month and aims to finalize the agreement in the first quarter of next year. However, if a national referendum is held as indicated by the survey results, there is a significant possibility that the deal could be scrapped. In Switzerland, if 50,000 citizens propose it, a national referendum is held for international treaties that have a major impact on important laws or national finances. The media reported, "If the vote were held today, Economy Minister Guy Parmelin would suffer a crushing defeat."
Minister Guy Parmelin, who led the tariff negotiations with the United States, stated, "We did not sell our soul to the devil." Photo by AP Yonhap News
In fact, there are growing concerns in Switzerland that too many concessions have been made to the United States. In particular, questions have been raised about the transparency of the negotiation process, which involved executives from luxury brands such as Rolex and Richemont, who lobbied the U.S. government for tariff relief. The value of the golden desk clock and gold bars gifted to then-President Donald Trump by these executives is estimated to be in the hundreds of millions of won. In response, members of Switzerland's Green Party filed a complaint with the Federal Prosecutor's Office on November 26, stating that "the gifts given to President Trump far exceeded internationally accepted standards."
Back in July, Switzerland was hit with a 39% tariff hike from the United States immediately after President Karin Keller-Sutter had a summit call with President Trump. This was even higher than the previously announced 31%. After leading the subsequent tariff negotiations, Minister Guy Parmelin stated, "We are satisfied with the agreement with the United States," adding, "We did not make a deal with the devil. We did not sell our soul."
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