Tariff relief in sight: What Swiss and Liechtenstein exporters need to know

Progress towards lower tariffs and a more stable framework

After months of uncertainty and a 39% tariff burden on Swiss-origin goods, a breakthrough has been reached: a Declaration of Intent between Switzerland, Liechtenstein, and the United States outlines significant tariff reductions and aims to pave the way for a legally binding trade agreement. The most immediate change is the reduction of reciprocal tariffs to a maximum of 15% for most goods, offering exporters from Switzerland and Liechtenstein tangible relief—especially in industrial and manufacturing sectors.

The agreement goes beyond tariffs, addressing non-tariff barriers, digital trade, investment, and economic security. However, the implementation date for these changes—referred to as “day X”—remains pending. Exporters are encouraged to stay informed and prepare for potential retroactive application.

The Declaration of Intent represents an important milestone. It provides relief to Swiss companies. At the same time, it is clear we need long-term certainty.”
^{Hervé Lohr, Deputy Head of Bilateral Economic Relations and Head Americas, SECO}

Sector-specific implications and legal uncertainties

Medical technology, watchmaking, machinery, and food exports remain most affected by tariffs. While some items will be exempt under revised annexes, others are subject to a new “all-in” tariff cap of 15%. Sector-specific import tariffs under Section 232 remain unchanged for now, especially for steel and aluminum.

Uncertainty also surrounds the pending Supreme Court ruling in the US, which could overturn the legal basis for these reciprocal tariffs. This may result in retrospective refunds—though any process would likely be long and complex. Swiss and Liechtenstein exporters are advised to monitor developments closely and prepare documentation for possible refund claims.

Swiss companies, whether the Supreme Court decides these are unlawful or lawful, should expect tariffs to continue. Strategic planning is essential.”
^{Clinton Yu, Partner, Barnes & Thornburg LLP}

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