Details of Swiss-U.S. trade deal could emerge on Friday

By John Revill

ZURICH (Reuters) -Details of a potential deal between Switzerland and the United States to reduce the crippling 39% tariffs on Swiss exports could emerge as soon as Friday but it ​may be months before it is signed, Richemont Chairman Johann Rupert said.

Rupert, who met President Donald Trump ‌in the White House last week as part of a delegation of Swiss businessmen, said he thought the tariffs were the result of a “misunderstanding”‌ between Washington and Bern which would be cleared up quickly.

“The Swiss and the Americans are very much the same – independent, don’t like big government etc etc, so I think this misunderstanding will be cleared up this week,” Rupert told reporters after Richemont reported its latest results.

“I think we will hear more, from what I’ve gathered, we’⁠ll hear something today,” Rupert said.

SWISS ‌HOPE TRUMP WILL CUT TARIFF TO 15%

Swiss Economy Minister Guy Parmelin returned to Switzerland on Friday after talks with U.S. Trade Representative Jamieson Greer in Washington on Thursday on the tariffs ‍and Switzerland’s trade surplus with the U.S. in which he said: “We clarified virtually everything.”

Parmelin declined to provide details of the discussions but said there would be further communication when everything is “finally clear.”

The government gave no new details on Friday.

A ​Swiss source, speaking on condition of anonymity, said after the Thursday meeting that a deal had effectively been reached.‌ The Swiss hope is for tariffs to be reduced to 15%.

A senior U.S. official said the meeting was “very positive,” and could lead to a reduction in the U.S. tariffs if Trump accepts proposed terms.

Richemont’s Rupert met Trump last week to discuss the impact of tariffs, along with executives from MSC, Rolex, Partners Group (PGHN.S), Mercuria, and MKS.

The meeting helped thaw relations with Washington, Swiss media reported, and ⁠Trump said earlier this week he was working on a deal to lower ​the tariffs on goods from Switzerland.

Rupert said it could be months before a ​deal is signed.

“It’s dependent on President Trump, who’s a very busy man. Our situation in Switzerland is one of the things he has to deal with,” he said.

Swiss industry ‍on Friday reported a 14%⁠ fall in exports to the U.S. during the three months to the end of September, technology industry association Swissmem said, while machine tool makers saw shipments slump 43%.

A potential reduction in tariffs to 15%⁠ would stabilise the Swiss economy, Rupert said, and prevent job losses caused by the higher duty.