International News
U.S. Switzerland agree to cut tariffs on Swiss imports from 39% to 15%, relief for watch industry
The U.S. and Switzerland have agreed to cut American tariffs on Swiss imports—including watches—from 39% to 15%, a major relief for the Swiss watch industry. While the timeline remains unclear, officials suggest the new duty may not take effect until early 2026.
Industry experts say the reduction will prevent significant retail price hikes, especially after brands stockpiled inventory and raised prices to offset the earlier 39% rate. The steep tariff had already caused U.S. imports of Swiss watches to plunge 56% in September. The lower rate is expected to restore stability and demand. The US will apply either its “most favored nation” tariff rate or a levy of no more than 15% on products originating in Switzerland and Liechtenstein, the White House said in a statement.
So far, the US, Switzerland and Lichtenstein agreed only to a “framework” in which they have pledged an intention to negotiate a full agreement. This deal will call for Switzerland to promote investment in the US, buy more of its goods, and reduce its own tariffs on American merchandise.
The agreement comes a week after President Trump met with the heads of several Swiss companies in the White House, including Jean-Frederic Dufour, the CEO of Rolex; Johann Rupert, chairman of Richemont; and Alfred Gantner, co-founder of Partners Group, which owns Breitling.
International News
AGTA appeals US Government to Scrap 10% Import Tariff on Gemstones
Trade body seeks exemption for coloured gemstones under new temporary tariff regime, with potential implications for diamonds.
The American Gem Trade Association (AGTA) has formally appealed to the US government to remove the newly imposed 10% global import tariff on gemstones, and potentially diamonds, warning of its impact on the trade.
The tariff was announced on February 20 after the US Supreme Court struck down President Donald Trump’s reciprocal tariffs issued under the International Emergency Economic Powers Act (IEEPA). In response, the administration introduced a temporary 10% import surcharge under Section 122 of the Trade Act of 1974. The measure will remain in effect for 150 days unless Congress votes to extend it, though further tariff mechanisms have not been ruled out.
AGTA has submitted a formal request to the Office of the United States Trade Representative (USTR), urging that precious and semiprecious coloured gemstones be added to the exception list under Annex I or Annex II. The association argued that these stones are not mined domestically in the US and therefore should qualify for exemption.
Previously, AGTA’s lobbying efforts contributed to diamonds and gemstones being included in Annex III — a list of products eligible for potential exemption from duties for “aligned” countries. This had placed Indian diamonds and gemstones on track for relief following a prospective US-India trade agreement. However, it remains unclear whether Annex III provisions apply under the new tariff framework that recently took effect.
If the across-the-board exemption request is denied, AGTA has asked the USTR to confirm whether Annex III remains a viable pathway for country-specific tariff relief on coloured gemstones.
While the current petition focuses on coloured gemstones, AGTA noted that trade experts believe any exemption granted in this category could effectively extend to diamonds, as seen in past trade agreements such as the US–European Union deal.
“We will continue to work tirelessly toward eliminating tariffs on gemstone imports into the US. We remain fully committed to this effort — giving up is not an option,” said AGTA President Bruce Bridges and CEO John Ford.
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