The Swiss government announced Wednesday that a recently negotiated agreement to cap U.S. tariffs on Swiss imports at 15% will apply retroactively to November 14. The deal resolves the high 39% tariff that President Donald Trump imposed on Swiss goods in August, which had disrupted trade and slowed economic forecasts.

According to the Swiss Federal Department of Economic Affairs, Education and Research, both countries can claim customs refunds from the effective date. The department said the 15% tariff ceiling reduces trade-weighted U.S. tariffs on Swiss exports by roughly 10% on average, significantly improving Swiss companies’ access to the American market. The United States remained Switzerland’s largest export destination in 2024, despite the summer tariff spike.

In exchange for the reduced ceiling, Switzerland agreed to cut tariffs on select U.S. imports, including fish, seafood, and other agricultural products. Additionally, Switzerland established duty-free bilateral quotas for U.S. goods, including 500 metric tons of beef, 1,000 metric tons of bison meat, and 1,500 metric tons of poultry annually.

The agreement also includes a significant investment commitment from Switzerland, pledging approximately $200 billion in U.S. economic projects by the end of 2028. These investments are expected to support infrastructure, technology, and industrial collaborations, strengthening the bilateral trade relationship.

Furthermore, the U.S. will lift additional tariffs on key Swiss exports, such as aircraft, aviation-related components, rubber products, cosmetics, and generic pharmaceuticals. The finalized list of exempted products will be published in the U.S. Federal Register, with Switzerland continuing to seek further exemptions to ease trade barriers.

Swiss officials said the deal provides much-needed stability for businesses navigating the U.S. market and positions both countries to deepen economic ties while reducing trade friction. Analysts noted that retroactive application ensures companies affected by the higher tariffs can recover losses, supporting stronger trade flows in the coming years.