Trump says he is working on a deal to reduce tariffs on Swiss imports

The United States is working with Switzerland on a deal to reduce the 39% tariff rate it faces on exports to the United States, President Donald Trump told reporters in the Oval Office on Monday, but said he had not yet decided on a new rate.

Switzerland has been struggling to secure a trade deal with Trump that could reduce the 39% tariff rate it imposed on Swiss imports in August, one of the highest tariffs imposed in its restart of global trade.

“We're working on a deal to reduce their tariffs a little bit,” Trump said. “I haven't set any figures, but we are going to work on something to help Switzerland.”

Trump acknowledged that the United States had hit Switzerland hard, but said Washington viewed Switzerland as a good ally and wants the Alpine country to continue to succeed.

The Swiss government declined to comment on Monday after Bloomberg reported that the country was close to reaching a deal with the United States that would reduce Washington's tariffs on its exports to 15%.

“Talks are ongoing and we will have no further comment,” said a spokesperson for Switzerland's Department of Economic Affairs.

Bloomberg said a deal could be reached in the next two weeks, citing unnamed sources, adding that nothing had been finalized.

Washington imposed 39% tariffs on Swiss imports in August, threatening access for Swiss companies, which view the United States as one of their biggest markets for watches, machine tools and chocolate.