The Swiss government said on Wednesday that a previously announced agreement to reduce U.S. tariffs on that country's imports to a ceiling of 15% will apply retroactively to Nov. 14.

The deal reached last month slashed the 39% tariff on imports from Switzerland that President Donald Trump imposed in August.

The Swiss Federal Department of Economic Affairs, Education and Research said Wednesday that both countries can claim customs refunds from the effective date.

"With the US tariff ceiling set at 15%, trade-weighted US tariffs on Switzerland will fall by around 10% on average, the department said in a statement. "This will significantly improve access to the US market for Swiss companies."

The United States was the top destination for Swiss exports in 2024. Switzerla

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