Swiss economy minister Guy Parmelin and chief trade negotiator Helene Budliger Artieda recently made the trip to Washington, D.C. Their goal was to secure the reduction or elimination of the stiff tariffs that the United States has placed on Swiss exports. At present, this suddenly high tariff rate of 39% has devastated many affected Swiss industries causing drastic emergency negotiations between the two countries.
We were told on November 4, the Swiss delegation’s suit and tie charmed the Oval Office. They came with plenty of beautiful gifts to bulk up the soft power diplomacy. The crescendo of the presentation was the unveiling of a custom luxury Rolex gold watch. It further included a specially engraved gold bar, representing the best of Swiss craftsmanship and culture. Indeed, these presents were dropped on Donald Trump’s desk, a truly impressive bargaining chip against the drawn-out talks.
The motivation behind these talks is clear: the Swiss government seeks to lower the US tariff rate, with hopes of reducing it to 15%, which aligns with the rates faced by Switzerland’s European neighbors. Such a cut would offer Swiss exporters—many of whom have been negatively impacted by existing tariffs—substantial, long overdue relief.
Swiss pharmaceutical multinational companies have their sights set on growing their businesses here at home in the United States. They’re pre-empting this step in return for a better tariff deal. This commitment partly consists of investments to construct new production factories around the country. It demonstrates Switzerland’s willingness to continue making significant investments in the US economy outside of a more comprehensive trade agreement.
Unlike other administration members, President Trump is willing to negotiate these tariffs. He floated the idea that a compromise is in the works to cut them “somewhat.” He said, “I haven’t pinned any number down.” Given his statements, it sounds like the negotiations may be producing favorable results for both parties.
During their meeting, luxury goods executives Johann Rupert from Richemont and Marwan Shakarchi from MKS joined Parmelin and Budliger Artieda in discussions with Trump. Administer Jean Frédéric Dufour, CEO of Rolex, then joined this high-profile meeting. Because then Trump was photographed with those gifts on his desk, perhaps unintentionally emphasizing the importance of such a high-level diplomatic engagement.
As outrageous as these gifts are, neither Rolex nor MKS would respond to repeated inquiries about whether they have accepted confirmation. By protocol, any gifts received by the US president are transferred to the United States. The National Archives subsequently accepts these gifts, allowing for annual State Department filing thereafter.
Now it seems that the President’s attitude toward our own Switzerland is shifting. He suggested he’s working on an alternative “to save Switzerland.” Each of these statements acknowledges the powerful economic interdependence between the two countries. They reveal a deep commitment to reinforce that connection even more.
In a lighter moment during their meeting, Trump reportedly remarked about one of the gifts, saying, “can I keep it? That’s a beautiful piece of gold.” This one remark captures the balance that was struck between formal diplomacy and personal outreach during the roundtable discussions.
These very high-stakes negotiations highlight the deep commercial ties of Switzerland to these United States. As both parties navigate these talks, industry leaders and policymakers from Switzerland remain optimistic about potential outcomes that could foster economic growth on both sides.