On November 14, 2025, the United States, the Swiss Confederation (Switzerland), and the Principality of Liechtenstein (Liechtenstein) agreed to a framework for negotiations on an Agreement on Reciprocal Trade. While representatives from the three countries continue to negotiate the formal agreement and hope to conclude any agreement during the first quarter of 2026, the key areas for negotiation include:
- Investment, Commercial Considerations, and Opportunities – Both Switzerland and Liechtenstein will increase their amount of investment in the United States over the next five years to create jobs in manufacturing and research and development. Switzerland and Liechtenstein also intend to work with the United States on addressing potential distortions of bilateral trade and investment arising from industrial subsidies or actions of state-owned enterprises.
- Tariffs – The United States will apply the same tariff treatment to both Switzerland and Liechtenstein. In doing so, the United States intends to apply the higher of either the U.S. most-favored-nation (MFN) tariff rate or a tariff rate of 15 percent, comprised of the MFN tariff and a reciprocal tariff, on originating goods of Switzerland and Liechtenstein and to apply only the U.S. MFN tariff rate on certain products listed in the “Potential Tariff Adjustments for Aligned Partners.” The United States will also ensure that the MFN tariff and any tariff imposed pursuant to Section 232 of the Trade Expansion Act of 1962 do not exceed 15 percent for originating pharmaceutical goods and semiconductors of Switzerland and Liechtenstein. In return, Switzerland and Liechtenstein intend to apply zero duties on all U.S. industrial goods, U.S. seafood, and certain U.S. agricultural goods; and will apply only tariff rate quotas for several other U.S. agricultural goods.
- Non-Tariff Barriers – The United States and Switzerland each intend to accord to conformity assessment bodies located in the territory of the other country treatment “no less favorable than they accord to conformity assessment bodies located in their own respective territories.” Such treatment includes procedures, criteria, fees, and other conditions relating to accrediting, approving, licensing, or otherwise recognizing conformity assessment bodies. Switzerland will also facilitate the acceptance of medical devices cleared or approved by the U.S. Food and Drug Administration. All parties intend to apply the World Trade Organization (WTO) Decision of the Technical Barriers to Trade Committee on Principles for the Development of International Standards, Guides and Recommendations (2000) to determine relevant international standards.
- Digital Trade and Technology – Switzerland and Liechtenstein intend to continue to refrain from imposing digital services taxes and to refrain from imposing customs duties on electronic transmissions.
- Economic Security – All three countries intend to strengthen their cooperation on economic security, including: (i) addressing non-market policies of third countries; (ii) strengthening cooperation as to U.S. export controls and sanctions; (iii) national security reviews of inbound investment; and (iv) cooperating on securing and improving supply chains in sectors of shared interest.