Swiss watchmakers rise on optimism over possible reduction in Trump tariffs

ZURICH (Reuters) -Richemont and Swatch Group shares rose on ​Tuesday, after U.S. ‌President Donald Trump said he was working with ‌Switzerland on a deal to lower the 39% tariff rate it faces on exports.

Swatch shares gained 4.2% in ⁠early trading, ‌while Richemont shares were 2% higher. Both companies’ ‍shares had fallen after Trump announced the import duties on Swiss products which went into effect ​in August.

The United States is working ‌with Switzerland on a deal to lower the 39% tariff rate it faces on exports to the U.S., Trump told reporters in the Oval ⁠Office on Monday.

“We’​re working on a ​deal to get their tariffs a little bit lower,” Trump ‍said. ⁠”I haven’t set any number, but we’re going to ⁠be working on something to help Switzerland.”

‌(Reporting by John Revill, ‌Editing by Louise Heavens)