ZURICH, Feb 20 (Reuters) - Swiss industry association Swissmem on Friday urged Switzerland to finalize a preliminary trade deal with Washington in order to create legal certainty, despite the U.S.
Swissmem presses Bern to finalize U.S. trade deal despite court ruling
Push to Finalize Swiss-U.S. Trade Agreement
ZURICH, Feb 20 (Reuters) - Swiss industry association Swissmem on Friday urged Switzerland to finalize a preliminary trade deal with Washington in order to create legal certainty, despite the U.S. Supreme Court's decision to strike down President Donald Trump's tariffs.
Tariff Background: 39% Import Duty
Switzerland was subject to the highest U.S. tariffs in Europe when Trump imposed a 39% import duty on its exporters' products in August. In November, Bern secured an initial deal that cut the tariffs to 15%, mirroring the rate for the European Union.
Talks and Timeline to Formalize Deal
Switzerland has since begun talks to formalize that agreement, which Washington has been pressing to conclude by the end of the first quarter.
Call for Legal Certainty
Swissmem said the government would be well advised to turn that preliminary accord into a legally binding deal.
Rationale Despite Court Ruling
"This is because it is to be expected that the Trump administration will invoke other laws to legitimize tariffs," Swissmem said in a statement after the court's ruling.
Swiss Government Response
Separately, the Swiss government said that it would analyze further developments and specific impacts of the Supreme Court decision.
Mechanical & Electrical Sector Hit
Export Impact on Industry
Swissmem said the Swiss mechanical and electrical engineering sector posted an 18% drop in exports to the U.S. during the final quarter of last year amid the tariff hit.
(Reporting by Dave Graham, editing by Friederike Heine and Thomas Seythal)
