EU: Mercosur Deal Gets Member States' Backing, But Parliament A Potential Hurdle

Unedited, check against delivery:

Bank of Canada - December 10 2025 Press Conference.pdf

The gov't has now formally confirmed that the lowering of tariffs on Swiss exports to the US from 39% to 15% will be in effect retroactively from 14 November. Reuters reported the same information on 9 Dec, which came from a statement on the gov't website. The statement was swiftly removed, and a gov't spox said they could not comment on the information. 

• Statement: "The existing exemptions from US additional tariffs – including pharmaceuticals, certain chemicals, gold and coffee – remain in force unchanged. In addition, based on the joint statement, the US is to lift the general additional tariff on further Swiss export products, including aircraft, certain aviation-related parts, rubber products, cosmetics and generic drugs."
• Statement: "For ongoing Section 232 investigations concerning pharmaceuticals and semiconductors, it was agreed in the joint statement that any additional sectoral tariffs imposed on Switzerland will not exceed 15%. In return, Switzerland will reduce tariffs for the USA on fish, seafood and certain agricultural products..."
• Federal Councillor Guy Parmelin, in charge of the economy ministry, said in a presser that "Switzerland has made no concessions to reduce tariffs retroactively".
• Reuters: "Swiss companies have welcomed the tariff reduction, which puts them on a level playing field with EU competitors. Many businesses have held back on sending goods while they waited for lower tariffs to come into force."
• Bloomberg News: "As the trade deal between the two countries is a preliminary agreement, the lower rate that’s taking effect still hinges on the outcome of Swiss-US talks to finalize the details."

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