GlossaryEN1 min readUpdated: Jun 24, 2026

Trump Tariffs on Switzerland

As of June 2026 — Since 14 November 2025, Swiss goods exported to the United States have been subject to a country-specific additional tariff of a flat 15 percent.

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Last updated: 24 June 2026Published: 23 June 2026

Source: White House Fact Sheet „US–Switzerland–Liechtenstein Trade Deal" (14.11.2025); SECO (seco.admin.ch); Tax Foundation Trump Tariff Tracker; U.S. Supreme Court, Learning Resources v. Trump (20.02.2026, IEEPA). Stand: Juni 2026.

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Definition & Explanation

As of June 2026 — Since 14 November 2025, Swiss goods exported to the United States have been subject to a country-specific additional tariff of a flat 15 percent. It retroactively replaces the 39 percent rate imposed in August 2025, briefly the highest in Europe. The basis is a legally non-binding Joint Statement between Switzerland, Liechtenstein and the United States dated 14 November 2025, accompanied by a pledge from Swiss companies to invest USD 200 billion in the US, around a third of it by the end of 2026. Exemptions remain for pharmaceuticals, certain chemicals, gold and coffee; Switzerland's key pharmaceutical exports are capped at no more than 15 percent under the deal, even where the US imposes additional sectoral tariffs under Section 232 (decree of 2 April 2026, with product- and company-level exemptions). Since 24 February 2026 — after the U.S. Supreme Court ruled IEEPA-based tariffs unlawful on 20 February 2026 — the general 10 percent Section 122 surcharge also applies (expiring 24 July 2026), against which the agreed 15 percent ceiling is credited. A legally binding trade agreement is still being negotiated (according to SECO in the "final stretch", with a possible deal by Trump's deadline of 9 July 2026); in addition, punitive tariffs of 12.5 percent proposed by the USTR over forced-labour allegations are under discussion (public consultation until 6 July 2026), which the Swiss State Secretariat for Economic Affairs (SECO) rejects as unfounded. Not to be confused with the EU baseline rate of 15 percent, which rests on a separate agreement.

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Trump Tariffs on Switzerland

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