Swiss sticking to mandate for trade talks with US

Switzerland will continue using its current mandate in trade negotiations with the United States to finalize a tariff agreement reached last year, according to Economy Minister Guy Parmelin. Talks are ongoing as both sides work to formalize the deal, which Washington hopes to complete by the end of March. The issue follows the United States launching new trade investigations into excess industrial capacity and possible forced labor in 16 major trading partners, including Switzerland. Parmelin said Switzerland will consult with other affected countries to determine how to respond. Previously, Switzerland faced the highest U.S. tariffs in Europe when President Donald Trump imposed a 39% duty on Swiss imports in August. An initial agreement reached in November reduced the tariffs to 15%, the same level applied to the European Union, and negotiations are now continuing to make the arrangement permanent.