USTR Greer Talks Trade With Swiss as Swatch CEO Blasts Approach

(Bloomberg) — US Trade Representative Jamieson Greer held a video call with top Swiss officials following this week’s diplomatic mission to the White House from captains of Swiss industry, as the country looks to negotiate a reduction in the punishing 39% tariff the US has imposed on Switzerland.

Greer held the virtual meeting with his Swiss counterpart Helene Budliger Artieda and economy Minister Guy Parmelin, according to a Linkedin post by the Swiss government late on Friday.

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“Very constructive conversation with Ambassador Jamieson Greer on Trade and Investment,” the Swiss Federal Department of Economic Affairs said in the post. “Great new dynamic in our bilateral relations, thanks to President Trump.”

It features screenshots and photos of all three in discussion, and is followed by dozens of likes and messages of encouragement from Swiss executives. The virtual gathering follows the in-person meeting in the Oval Office earlier this week between the CEOs of top Swiss companies and President Donald Trump.

Those present included Alfred Gantner, the founder of Partners Group Holding AG, Rolex SA boss Jean-Frederic Dufour, Daniel Jaeggi of commodity trader Mercuria Energy Group Ltd, Richemont SA Chairman Johann Rupert, Diego Aponte of shipping firm MSC and Marwan Shakarchi of MKS Pamp SA, a gold refiner.

While Dufour and Rupert are both influential figures in the luxury goods industry, their rival Nick Hayek, the outspoken CEO of Swatch Group AG took a very different tack.

“The only king I court is the customer,” Hayek told Swiss newspaper Tages-Anzeiger, perhaps in reference to the recent ‘No Kings’ protests against Trump’s presidency.

Hayek, whose company is the world’s largest watchmaker, said the CEOs’ visit sent a signal of weakness. Instead, he suggested that Switzerland — the seventh-largest investor in the US — should retaliate by threatening to cut investment, or ditch a deal to buy US-made F-35 jets.

“Are we William Tell,” he quipped in reference to the Swiss hero of folklore, “or are we a vassal?”

Trump’s tariff announcement, delivered on Switzerland’s national holiday, landed Swiss exporters with a rate higher than any other developed nation. The levy, which took effect in August, threatens to drive up costs for chocolatiers including Lindt, watchmakers and precision-tool manufacturers.