Looking back at 2025 and ahead to 2026
External 2025 has been a defining year for the Swiss- American Chamber of Commerce. In an environment marked by shifting trade dynamics and rising uncertainties, our Chamber focused on what we do best: advocacy, coordination, and the building of long-term bridges between Switzerland and the United States by bringing together the main players in the Swiss-American business relationship from all sectors of economic life: companies, politics, government, diplomacy, central banks, regulators, and business associations. Beyond trade policy, Swiss AmCham deepened its commitment to strengthening U.S.–Swiss collaboration in skills development , an area that has become increasingly relevant in the broader trade dialogue. This year, we launched a new group of Swiss-based companies operating apprenticeship programs in the United States. During discussions with U.S. stakeholders, workforce development and talent creation emerged as a tangible demonstration of Swiss companies’ local commitment. Swiss-style apprenticeships address critical skills gaps in U.S. manufacturing, life sciences, and advanced technologies while creating well-paying, future- oriented jobs for American workers. Swiss AmCham actively positioned these programs as part of the broader value proposition Switzerland brings to the United States: investment, innovation, and skills. We are convinced that Swiss investments in the U.S. also benefit Switzerland, as for every three to five jobs created in the U.S., one high-paying job is created in Switzerland. In addition, we launched a group with the major U.S. hyperscalers based in Switzerland in order to increase coordination and impact. For innovation, productivity, and cybersecurity, U.S. hyperscalers are indispensable to the Swiss economy. Another topic Swiss AmCham is actively addressing is the growing anti-American sentiment , which increasingly hampers fact-based conversations.
The uncertainty around the implementation of the OECD minimum tax remains a challenge. As we approach year-end, many companies still do not know how to file their tax returns. The so-called “side-by-side” system, promoted by the U.S. and the G7, has still not been agreed upon and will not level the playing field - au contraire. The OECD and EU appear to be caught in their existing logic, although only about 35 of the roughly 140 signatory countries have implemented the OECD minimum tax, the vast majority of them EU member states. The implementing countries, including Switzerland, risk serious competitive disadvantages, which is why countries such as the United States, China, India, and Brazil have pulled out. For Switzerland, 2026 will be a decisive year regarding the implementation of the OECD minimum tax. The Swiss-American Chamber of Commerce is monitoring developments closely and engaging actively with the Federal Department of Finance. On a positive note, the revision of the Swiss–U.S. Tax Treaty has seen progress. The negotiations concluded on a technical level at the end of November 2024. In 2025, the texts were cleaned up, and the remaining issues between the U.S. Treasury and the U.S. Senate are in the process of being resolved, clearing the path for a signature in 2026. January 2028 is the earliest possible date for the revised Swiss–U.S. Income Tax Treaty to enter into force; however, this will require all stars to be aligned. The revision is critical: the U.S. is both the largest recipient of Swiss direct investment and the largest foreign investor in Switzerland. Reducing the withholding tax on intra-group dividend payments from 5% to 0% would significantly increase cross-border investment and remove the disadvantage Switzerland currently faces compared to Dutch or British multinational companies.
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