U.S. and Switzerland working on a deal to slash 39% tariffs

The U.S. and Switzerland are getting adjacent to signing a commercialized woody to little tariffs of 39% that President Donald Trump slapped connected the state successful August.

The president confirmed connected Monday that White House officials were "working connected a woody to get the tariffs a small lower."

"I haven't acceptable immoderate number, but we're going to beryllium moving connected thing to assistance Switzerland," helium told reporters successful the Oval Office.

"We deed Switzerland precise hard. But we privation Switzerland to stay successful," helium added, saying the state had been a "very bully ally."

The tariff connected Swiss exports could beryllium chopped to 15%, matching the complaint that was imposed connected EU exports to the U.S., according to assorted media reports citing sources adjacent to the talks. Bloomberg reported that a woody could beryllium finalized wrong weeks.

"We are not commenting connected the ongoing discussions," a spokesperson astatine Switzerland's system ministry told CNBC, adding that Swiss Economy Minister Guy Parmelin "is successful regular interaction with the applicable authorities successful the U.S., including USTR Jamieson Greer."

CNBC has contacted the White House for further remark and is awaiting a response.

The work was met with consternation successful Switzerland, whose cardinal exports see watches, jewelry, machinery, chocolate, electronics and chemic and pharmaceutical products. Shares of Swiss firms Swatch Group and Richemont traded higher astatine the marketplace unfastened connected Tuesday.

High-profile Swiss businesses person been outspoken connected the harm the tariff was wreaking, with the CEO of Swiss luxury watchmaker Breitling telling CNBC that the work was "horrible" for Switzerland.

The 39% tariff was among the highest duties that Trump levied successful his expanse of planetary tariffs this year, with the president angered by commercialized imbalances with the Swiss, and aggregate different countries.

According to the Office of the United States Trade Representative, the U.S. goods commercialized shortage with Switzerland amounted to $38.5 cardinal past year. The Swiss authorities said that the commercialized narration betwixt the 2 was "relatively balanced," according to a CNBC translation.

"The U.S. has a surplus of services exports and Switzerland does for goods exports," the authorities said successful August, adding that its goods surplus is not rooted successful unfair commercialized practices and that implicit 99% of U.S. goods tin beryllium imported to Switzerland without being taxable to tariffs.