Donald Trump has set Switzerland a deadline to conclude a binding trade agreement, reported RTS. Washington wants a legally enforceable deal in place by March 31st 2026. Failing that, the United States says it may review and reconsider the tariffs imposed on Swiss exports.
According to several Swiss newspapers, the Trump administration is keen to turn a non-binding declaration of intent signed on November 14th into a formal bilateral agreement. A document from the US trade representative, published in the Federal Register, makes clear that the recent retroactive cut in tariffs—from 39% to 15%—was granted in the expectation and hope that negotiations would be successfully concluded by the end of the first quarter of 2026.
Swiss officials are cautious. The federal department of economic affairs said that talks would determine whether the deadline could be met. Its stated aim, however, remains to conclude an agreement in the first quarter of next year, in line with the joint declaration. That text commits both sides to begin negotiations immediately and to make significant progress by early 2026, subject to domestic procedures.
The American document also states that importers will be able to claim refunds for excess duties paid since it was signed. Swiss media estimate the forgone revenue at several hundred million francs. The government in Bern says it cannot yet provide a precise figure.
Politically, the Swiss government has room to manoeuvre. Parliamentary committees on foreign affairs in both chambers have approved the negotiating mandate. The discussions were intense, according to lawmakers, but the explanations offered by the economy minister and senior officials were deemed satisfactory. No details have been disclosed, lest Switzerland’s negotiating position be weakened.
The cantons will also be consulted. The proposed agreement is intended to give legal structure to Swiss-American economic relations and to formalise the reduction in US tariffs on Swiss imports. The cut, announced several weeks ago and applied retroactively to mid-November, was welcomed by business groups. Some on the political left, by contrast, remain sceptical.
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