Swiss minister: tariff agreement with the US is not a pact with the devil

Swiss Economy Minister Guy Parmelin rejects accusations that Switzerland has entered into a "pact with the devil" in relation to the new framework trade agreement with the United States.

Instead of the initial general tariff rate of 39 percent, Swiss companies will soon pay only 15 percent when entering the US market. This is in exchange for investments in the US of USD 200 billion.

Parmelin called the deal announced on Friday reasonable - he said Swiss industry had long planned to expand production in the US regardless of Donald Trump's policies. The measure has also been welcomed by Swiss businesses because it guarantees them the same conditions as EU competitors.

However, the opposition points to a lack of transparency and fears of concessions. The Greens consider the agreement to be a capitulation that favours American interests over Swiss farmers. The agreement is non-binding for the time being, it must be finally passed by Parliament.

(reuters, sie)