Business News November 14, 2025 \ Issue #424
From a Swiss AmCham perspective, we had three main objectives during this negotiation period: first, to significantly lower the 39% additional tariff rate; second, to ensure that Swiss-based multinationals are not placed in a less favorable position than their competitors in the EU, Japan, and—to some extent— the UK; and third, to regain greater predictability for business planning. This Joint Declaration delivers on these objectives. It reduces the 39% additional tariff to 15%, providing immediate relief and renewed planning ability for Swiss exporters. A 15% tariff rate still presents challenges, particularly in combination with the stronger Swiss franc against the U.S. dollar, and the situation for Swiss exporters is certainly more difficult than before April 2, 2025. There is no doubt. However, this was not a negotiation among equals, and under the circumstances, the result represents a realistic outcome. The real test begins now: negotiations on a binding agreement in the coming months based on this Joint Statement. Our shared ambition remains to deepen Swiss- American economic ties, support high-quality jobs and growth on both sides of the Atlantic, and create fairer and more resilient trade—bilaterally as well as globally. The Swiss-American Chamber of Commerce will continue to support the negotiations with the highest priority and will approach its members as required. We are grateful for and count on your continued support. More on the specifics of the Swiss–U.S. trade deal in the article “The Swiss–U.S. Trade Deal” on the pages 5-6.
GREETINGS FROM THE CEO
Finally... Today, Switzerland, Liechtenstein, and the United States issued a Joint Statement and a Fact Sheet on a Framework expressing their intent to negotiate an Agreement on Fair, Balanced, and Reciprocal Trade. Under this Framework, the additional “reciprocal” tariff rate of 39%, in effect since August 7, 2025, will be reduced to 15%. Importantly, the deal establishes a 15% tariff ceiling on most Swiss exports to the U.S. that are currently subject to the additional, reciprocal tariffs. That means the tariffs are applied “unstacked,” i.e., not added on top of any existing MFN tariff. In addition, the Joint Statement intends to ensure that the MFN tariff and the tariff imposed pursuant to Section 232 do not exceed 15 percent for originating pharmaceutical goods and semiconductors of Switzerland and Liechtenstein that are subject to Section 232 tariffs. The parties intend to immediately begin negotiations on a binding Agreement with the aim of concluding the negotiations by the first quarter of 2026. That binding agreement will then need to pass the regular Swiss parliamentary process. Annex II remains in place, and Annex III can newly apply to Switzerland. Assessment This Joint Statement is the result of intense work and negotiation. The Swiss government, the private sector—including the Swiss-American Chamber of Commerce—and all our supporters and friends worked tirelessly to achieve a constructive outcome. This is a moment for a big thank you to all parties involved for their commitment and effort.
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Event photos
Why Swiss Firms Must Invest in Geopolitical Radar and Sonar The Swiss-U.S. Trade Deal
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Event calendar Member section
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Past Events - Timeless Connections
August 28, Zurich, Fireside Chat with State Secretary Helene Budliger Artieda
Rahul Sahgal (Swiss AmCham); Helene Budliger Artieda (SECO); Andreas Berger (Swiss Re)
Gassia Karaoghlanian (KPMG); Caroline Cerar (Management Counterparts); Helene Niedhart (Cat Aviation)
Walter Diggelmann; Peter Altenburger (ALTENBURGER LTD legal + tax); Michael Gassen (Aptiv Technologies)
Thomas Schlaus (Citibank); Eric Elzvik (Ericsson) Sandra Schnyder (Shaperion); Reto Jauch (SZ&J); Mirjam Staub-Bisang (BlackRock Asset Management)
Ulrich Looser (BLR Partners); Thomas D. Meyer (BLR Partners); Walter H. Anderau
September 2, Zurich, Fireside Chat with Gianni Infantino, FIFA and Sergio P. Ermotti, UBS
Riet Cadonau (Zehnder); Fabienne E. Meier (Knight Gianella & Partner)
Rahul Sahgal (Swiss AmCham); Gianni Infantino (FIFA); Sergio P. Ermotti (UBS)
Karin Grossenbacher (Al Lago Interiors); Ludovica Massa (Bank Syz); Doina Jung (Al Lago Interiors); Tatiana Kmieciak (UBS); Susanne Bättig (EIM Switzerland)
September 11, Lugano, Ticino Annual Dinner
Paolo Compagna (Schindler Management); Sandra Schnyder (Shaperion)
Alessia Stopper (EFG Bank); Stefano Maria Profeti; Vincenzo Gonnella (EFG Bank)
Rahul Sahgal (Swiss AmCham); Giovanni Caforio (Novartis); Claude Cariola (EFG Bank)
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Past Events - Timeless Connections
September 22, Berne, Dinner with the Parliamentary Association Switzerland-USA
Dagmar Kamber Borens (State Street Bank International); Maya Bally (Parliamentary Association Switzerland - USA)
Alexandre Fellay (Metalor Technologies International); Steven Klein (HSBC Bank plc, London, Zurich Branch), Damien Cottier (Parliamentary Association Switzerland - USA); Ivo Germann (SECO)
Barbara Stahel (UBS); Manuel Rybach (EFG International); Marianne Binder-Keller (Parliamentary Association Switzerland - USA)
Sirus Ramezani (McKinsey & Company); Bruno Messmer (DXC Technology); Jeremy Mätzener (Google)
Marcus Rothen (Federal Department of Foreign Affairs); Eric Nussbaumer (National Council)
Pascal Gunasekera (ABB); Thierry Burkart (Parliamentary Association Switzerland - USA); Raphael Jenny (Glencore International)
October 02, Zurich, Fireside Chat with H.S.H. Hereditary Prince Alois of Liechtenstein
Nicolas Ziegler (Trusted Board Advisors); Aloys Hirzel (Trusted Board Advisors); David Zollinger (Zollinger Rechtsanwälte)
Andrea Hankova (B-FLEXION Advisors); Chris Duisberg (AREA Assets)
Dawid Jeczmionek (Techno-Merce LLC); Tobias Franke (Delegation of the European Union to Switzerlandand the Principality of Liechtenstein); Rene Cotting (University of St. Gallen)
Roman Frick (LGT Bank); Doris Frick (Embassy Principality of Liechtenstein Bern); Rainer Buechel (LGT Bank)
Nuno Rodrigues (L.E.K. Consulting); Oliver Basler (Brown Brothers Harriman Services); Jarrett Swank (KPMG)
Marlene Uetz (I.J. Martin & Co Ltd Executive Coaches for Global Business Leaders); H.S.H. Hereditary Prince Alois of Liechtenstein
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Past Events - Timeless Connections
October 23, Lugano, Stable Coins - The Behind the Scenes of the Digitalization of Fiat Money
Rahul Sahgal (Swiss AmCham); Lars Schlichting (Lexify); Fabienne E. Meier (Knight Gianella & Partner); Claude Cariola (EFG Bank)
Lars Schlichting (Lexify)
Rahul Sahgal (Swiss AmCham)
November 10, Zurich, HR Personnel Forum
Daniel Kalt (UBS); Rahul Sahgal (Swiss AmCham); Cathy Desquesses (Swiss Re); Nicola Moussourou (Hewlett-Packard); Florian Wagner (Korn Ferry); Bruno Wirz (Korn Ferry)
Assel Stoller (LINDEMANNLAW); Adrian von Moos (Auris Relocation); Micaela Epper (Zühlke Engineering)
Astrid Lienhart (MME Legal | Tax | Compliance); Olivier Ricaille (SIX Group)
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The Swiss–U.S. Trade Deal Dr. Rahul Sahgal
The Joint Statement identifies five pillars for the upcoming Agreement The to be negotiated Agreement shall aim to deepen investment ties, reduce tariffs, remove regulatory barriers, and strengthen cooperation in key sectors, including technology, digital trade, and economic security. Switzerland, Liechtenstein and the United States (collectively, Participants) intend to coordinate the timing of their respective domestic processes for the entry into force and Switzerland intends encourage and facilitate at least $200 billion in investment in the U.S., across all 50 states, over the next five years to create manufacturing and research and development jobs. Liechtenstein intends to encourage and facilitate at least $300 million of investment into the United States and increase by 50 percent over the next five years the number of jobs created by its private sector in the United States. Switzerland and Liechtenstein intend to encourage and facilitate one third of these investments by the end of 2026. The Participants intend to encourage their enterprises to promote and develop training and apprenticeship programs for U.S. workers in key high-growth sectors in the United States, taking into account their current and future investments. 2. Tariffs implementation of the Agreement. 1. Investment and Job Creation The United States intends to apply the higher of either the U.S. most-favored-nation (MFN) tariff rate or a tariff rate of 15 percent , comprised of the MFN tariff and a reciprocal tariff, on originating goods of Switzerland and Liechtenstein. Switzerland and Liechtenstein intend to improve market access for U.S. goods, through the application of zero duties on all U.S. industrial goods, U.S. seafood, and certain U.S. agricultural goods, and through the application of tariff rate quotas for a number of other U.S. agricultural goods. 5
The United States intends to promptly ensure that the MFN tariff and the tariff imposed pursuant to Section 232 of the Trade Expansion Act of 1962 (Section 232) do not exceed 15 percent for originating pharmaceutical goods and semiconductors of Switzerland and Liechtenstein subject to Section 232 tariffs. The Participants intend to cooperate, where relevant, on matters relating to transshipment and circumvention practices, in accordance with their respective domestic laws and regulations. 3. Non-Tariff Barriers Intention for mutual recognition of product conformity assessments. Closer cooperation in mutually agreed strategic sectors, including medical devices cleared by the U.S. FDA. With respect to automobiles, Switzerland intends to work with the United States to facilitate the recognition of Federal Motor Vehicle Safety Standards . The United States acknowledges the efforts made by Switzerland to facilitate trade in beef and beef products. Switzerland intends to work with the United States to address specific measures that restrict market access for U.S. poultry and poultry products, strengthening opportunities for U.S. agricultural exports in Switzerland. The United States and Switzerland intend to cooperate on streamlining sanitary requirements for labelling and certificates, particularly for beef, bison, and dairy products. 4. Digital Trade & Technology Switzerland and Liechtenstein intend to continue to refrain from imposing digital services taxes . The Participants intend to facilitate trusted cross-border data flows and address data localization requirements, taking into account legitimate public policy objectives.
The Swiss–U.S. Trade Deal Dr. Rahul Sahgal
Pro memoria The United States is Switzerland’s most important bilateral export market, accounting for around 18% of Swiss exports, while Switzerland represents about 3% of U.S. export volume. U.S. companies are by far the largest source of foreign direct investment in Switzerland — and their presence continues to grow. Switzerland brings enormous value to the transatlantic relationship too: it offers a stable, open, and innovation-driven economy; it is the largest foreign investor per capita and the leading foreign investor in U.S. research and development, the third-largest in manufacturing, and the sixth-largest overall. Swiss companies pay the highest average salaries of any foreign employers in the United States. Moreover, 99.3% of U.S. products enter Switzerland duty-free, and there are no digital services taxes or other discriminatory measures targeting American firms. The Swiss government and the private sector worked hand in hand to reduce the discriminatory tariffs on Swiss exports and to maintain Switzerland’s position as an attractive and competitive business location — with the aim of safeguarding jobs, investment, and the national tax base, while also engaging constructively with U.S. concerns in international trade, investment and national security. At the Swiss-American Chamber of Commerce, we have done everything within our means to represent the interests of our members and, more broadly, of companies operating in Switzerland. We provided continued hands on support to the Swiss negotiating team, providing contacts, advice as well as data regarding Swiss investments in the U.S.. We brought together member companies that run apprenticeship programs in the U.S., gave input on the broader economic agenda and lobbied directly or through our members with U.S. Senators, Representatives, Governors and the White House. This combined effort paid-out today and represents the strength of this Chamber.
The Participants intend to explore mechanisms that promote interoperability between their respective privacy frameworks with a view to facilitating secure cross-border transfers of data . The Participants intend to refrain from imposing customs duties on electronic transmissions and to support the multilateral adoption of a permanent moratorium on customs duties on electronic transmissions at the WTO. 5. Economic Security The Participants intend to strengthen their cooperation on economic security, including on addressing non-market policies of third countries. The Participants recognize that the effective enforcement of economic and trade sanctions serves the Participants’ shared interests. The Participants intend to strengthen existing cooperation with regard to U.S. export controls and sanctions . Switzerland and Liechtenstein intend to cooperate with the United States on matters related to the review of inbound investment , including on the basis of national security. Switzerland and Liechtenstein intend to work cooperatively with the United States to secure supply chains and improve supply chain resilience in sectors of shared interest. This Joint Statement is not the end — it is the beginning of a new chapter in the dynamic, resilient, and forward-looking Swiss–U.S. economic and political partnership. And as it seeks a new equilibrium, our mission remains unchanged: to ensure Swiss-American business thrives and remains mutually beneficial.
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Why Swiss Firms Must Invest in Geopolitical Radar and Sonar Cristián Rodríguez-Chiffelle, BCG, Geneva Prof. Simon Evenett, IMD, Lausanne
Geopolitical sonar, by contrast, is about pinpointing the underlying drivers of such developments, including long-term political shifts, economic policy pivots, and evolving security frameworks. Together, these tools allow businesses not just to react to geopolitical shocks, but to anticipate and prepare for them. Despite growing awareness, many firms still rely on backward-looking radar systems that are reactive and compliance-driven. This narrow focus risks overlooking slow-building but ultimately significant shifts - such as creeping export restrictions, political shifts abroad, incremental and compounding tax changes, or evolving subsidy frameworks.
Swiss firms that engage in cross-border trade and investment face yet more disruption in the external business environment. The announcement of a 39% reciprocal tariff on Swiss goods exports to the United States – potentially being negotiated down to 15% at the time this article went to print – served as a wake-up call. However, the challenge extends far beyond US protectionism. For more than a decade, geopolitical rivalry between countries has reshaped the international business landscape, be that in the context of trade tensions, a pandemic, supply chain crises or navigating effects of third- party military conflict. Commercial rules are being rewritten in response to national security concerns and state subsidies are proliferating, as kinetic conflict and supply chain disruptions have become more frequent. In this environment, firms must develop stronger geopolitical radar and sonar systems, to ensure resilience and strategic foresight. Defining geopolitical radar and sonar Geopolitical radar refers to a firm's ability to track material domestic or international developments - such as regulatory changes, sanctions, political tensions, or the advent of war - that could disrupt business operations.
Business case for investing in internal geopolitical capabilities
Investing in robust radar and sonar systems offers tangible commercial benefits. First, it improves risk mitigation by revealing hidden chokepoints and dependencies in global supply chains. Better geopolitical intelligence could have helped firms diversify away from risk-exposed markets. For example, from Russia before the Ukraine invasion or from China before escalating US–China trade tensions.
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Why Swiss Firms Must Invest in Geopolitical Radar and Sonar
Call to action Swiss firms are at varying stages in developing internal capabilities to detect, assess, and act upon geopolitical developments. A truly effective geopolitical radar system involves cutting through the noise of geopolitical signals and zeroing in on which ones affect the bottom line. Corporate executives must size up each policy development not only in isolation, but also in terms of its effect on current operations, financial performance, and the firm's ability to execute its broader corporate strategy. This filtering process is what turns raw geopolitical information into actionable business intelligence. Furthermore, while risk mitigation is crucial, forward-thinking firms recognize that geopolitical shifts can create significant opportunities. These shifts often lead to the reallocation of demand, supply, or capital creating entry points for prepared companies. Firms that invest in comprehensive radar and sonar capabilities can navigate uncertainty more confidently and turn today's threats into tomorrow's opportunities. With those capabilities built, firms can then begin building a full “geopolitical muscle,” - a whole-of- company approach to geopolitics that will render them both resilient and as early movers into nascent opportunities. The time for Swiss firms to develop these critical capabilities is now. About the authors: Cristián Rodríguez-Chiffelle is Partner and Director at BCG in Geneva. Simon Evenett is Prof. of Geopolitics and Strategy at IMD in Lausanne.
Second, enhanced geopolitical insight enables companies to identify and pursue new business opportunities. In moments in which uncertainty means that most firms are “playing defense,” those able to detect opportunities will have the upper hand. Third, effective radar and sonar support smarter market positioning in politically sensitive sectors. In industries like semiconductors, pharmaceuticals, and clean energy, aligning with government priorities can open doors to public contracts, subsidies, or regulatory advantages. Fourth, enhanced geopolitical capabilities support long-term strategic planning and investment. Fifth, internal capability development strengthens resilience and adaptability. Another benefit of stronger geopolitical insight is the ability to identify and develop alternative revenue streams. Radar and sonar even more relevant given U.S. tariff moves For Swiss firms, developing sharper radar and sonar allows earlier detection of higher import taxes for Swiss goods entering the U.S. market, enabling engagement with policymakers, legal review of trade terms, and contingency planning. And a reciprocal tariff is not the only matter of concern, as the U.S. is also driving sectoral investigations that could - and most likely will render additional tariffs, most notably one launched on pharmaceutical imports, a sector where Switzerland exported CHF 35.7 billion to the U.S. in 2024, which accounts for 24% of all Swiss pharmaceutical exports, and an 8.5% of total U.S. pharmaceutical imports. An acute geopolitical radar would certainly be already screening the potential ripple effects of such levies.
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MEMBER SECTION
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The U.S. Secretary of Commerce Howard Lutnick announced on September 30, 2025, that registration is open for the 2026 SelectUSA Investment Summit to be held May 3 - 6, 2026, at the Gaylord National Resort & Convention Center in National Harbor, Maryland. You will find information about the Investment Summit and registration details at www.selectusasummit.us. When registering, please identify your firm as a Swiss or Liechtenstein company (Business Investor – International or U.S. Headquarters). For any questions reach out to Mr. Sandor Galambos, Sr. Investment Specialist at the U.S. Embassy, +41 79 279 9788 or galamboss@state.gov. 2026 SelectUSA Investment Summit in National Harbor, Maryland Hotel Schweizerhof Bern & Spa - special rates for Swiss AmCham members As a Chamber member, enjoy special rates at Hotel Schweizerhof Bern & Spa, including access to the 500sqm spa and gym, public transportation in Bern, and a luxurious breakfast buffet. Rates (example): Charming Queen Room: Single CHF 325 / Double CHF 385 Signature Suite: Single CHF 1250 / Double CHF 1250 For details, contact: RESERVATIONS@schweizerhofbern.com
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CSRD in focus Navigating the new reporting standards The EU’s Corporate Sustainability Reporting Directive (CSRD) significantly increases Swiss companies’ non-financial reporting requirements. It is more than just a mandatory exercise and offers an opportunity to transform your company sustainably for the future. We’re here to accompany you each step of the way. Scan the code to find out more Deloitte.com/ch/CSRD
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Event Calendar
Jan Jenisch, Chairman and CEO, Amrize
4 Annual Avantgarde Award Gala th Southern California, The Jonathan Club LA 5:00 pm – 10:00 pm Nov 15, 2025 Wings of Innovation: Embraer and the Next Generation of Aviation San Francisco, Verkada 5:30 pm – 8:00 pm Nov 19, 2025 Holiday Dinner & Fundraiser San Francisco, Matterhorn Restaurant 5:30 pm – 9:00 pm Dec 09, 2025
Zurich, Widder Hotel 11:30 am – 2:00 pm Nov 25, 2025
Jeremy Weir, Chairman, Trafigura Zurich, Zunfthaus zur Meisen 11:30 am – 2:00 pm Dec 01, 2025
International Corporate Tax Symposium 2025 Zurich, Quai Zurich Campus 8:00 am – 5:00 pm Dec 02, 2025
You will find more information and events on our website - see more
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