Swiss ministers are in Washington for talks aimed at slashing US President Donald Trump's steep 39% tariffs on Switzerland's exports to the US – the highest rate in Europe.
Initial attempts by Swiss President Karin Keller Sutter to change Trump's mind fell on deaf ears. But a visit by business leaders appears to have changed his mind.
Swiss industry chiefs came to the Oval Office on 4 November bearing gifts, including a Rolex gold watch and a specially engraved gold bar from Swiss-based gold refining company MKS.
For months the Swiss have been trying to bring down the high US tariff rate which has already hit Switzerland hard.
Trump's response to the Swiss president's bid was that she was a nice woman, but she did not want to listen. However, last week's private business initiative adopted a more unconventional approach.
Already this week Trump has said a deal is being worked on to bring the tariffs a little bit lower… I haven't set any number.
After their talks the Swiss industrialists expressed that their initiative was carried out in the spirit of Swiss unity between private and public sectors. Some had established connections with Trump’s circle, particularly those in luxury goods and commodities.
In September, Trump attended the US Open tennis final in the Rolex VIP box hosted by Swiss watch company CEO Jean Frédéric Dufour.
Last week Dufour met Trump again in the Oval Office alongside other business leaders. It is now customary for any leader visiting the Oval Office to present a gift.
A White House official confirmed the gifts from the two Swiss companies. As gifts to the president become US property, Trump's actions following this meeting suggest a potential softening of his stance towards Switzerland.
Swiss economy minister Guy Parmelin and chief trade negotiator Helene Budliger Artieda expressed optimism regarding the possibility of the tariff being reduced drastically, possibly down to 15%, similar to the rate for Switzerland's EU neighbors.
In exchange, promises from Swiss pharmaceutical firms to build more production plants in the US are reportedly part of the discussion. Swiss International Airlines may also pivot towards Boeing.
The Swiss community, especially the industry's workforce, remains anxious as the current tariffs are beginning to cut deeply into operations.
Additionally, FIFA president Gianni Infantino, a friend of Trump and a key figure, may play a significant role in this ongoing situation, having been encouraged by Swiss parliamentarians to influence the president positively.
