Geneva – Switzerland announced plans on Friday to invest $200 billion in the United States through 2028 as it finalized a hard-wrought deal to slash U.S. tariffs on Swiss goods.

Economy Minister Guy Parmelin said the Trump administration has agreed to cut U.S. tariffs on most Swiss goods to 15% – the same level imposed on the neighboring European Union – from 39%, the highest rate on any Western country.

Speaking to reporters in Bern, the capital, Parmelin hailed the deal as a result of “new momentum generated by the commitment of the American president” and said it would take “several weeks” to take effect.

The White House confirmed the deal Friday, adding that companies from Switzerland and tiny Liechtenstein would invest $67 billion of the $200 billion in the United States next year

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