The Swiss president did not ease the stiff tariffs on Swiss goods, but lamented “disappointing” discussions with President Donald Trump’s Treasury Secretary, who expressed hope for a solution to the more important US-China trade war showdown in Geneva this weekend.
Nevertheless, Swiss Finance Minister Karin Keller-Sutter said he was encouraged by a meeting with US Treasury Secretary Scott Bescent to try to take away the large 31% tariffs on Swiss goods as part of the cleaning amounts in countries around the world.
Their meeting was merely an appetizer for a talk between Geneva’s Bescent and the Chinese Deputy Prime Minister, where the market could move on Saturday and Sunday.
Keller Sutter also met with Chinese envoys, who said it was mere courtesy.
Regarding US-China consultations, the Swiss leader hinted at the election of Pope Leo XIV, the first US-born clergyman, “I told Secretary Bescent yesterday that the Holy Spirit appears to have been in Rome. I hope he will come to Geneva over the weekend.”
The talks are shrouded in secret, and China and the US have refused to specify where Russia will take place outside Geneva, where Russia hosted US President Joe Biden and Russian President Vladimir Putin in 2021, before a full-scale invasion of Ukraine.
The US administration temporarily suspends the most serious tariffs on all target countries except China, but the 31% rate (if it recovers) would put Switzerland in a worse position than its European Union neighbors facing 20% US tariffs.
The Swiss government said talks between Bescent and US trade representative Jamieson Greer are “jovial and constructive” and aims to lay out guidelines for contracts on tariff issues that will be discussed again in the coming weeks.
On April 9, a week after Trump announced the “mutual” tariff package, he spoke to Kellersutter over the phone, later announcing a 90-day suspension of implementation, limiting additional US tariffs to 10% in most countries, with the notable exceptions in China.
“Of course, that’s a shame,” Keller Sutter said when asked about the lack of deals in consultations with Bescent before hinting at his previous phone conversation with him.
“I told President Trump this isn’t fair, but on the other hand, we’re looking forward to it, rather than looking back.”
“And we’re really encouraged by discussions that we’re going to find a solution, and the US is really involved with Switzerland to find a really quick solution,” she told reporters.
Keller-Sutter pointed to Switzerland’s investment in the US, saying it had 400,000 jobs and “average salary of $130,000 (115,000 euros)”.
She said she didn’t know if a call with Trump had convinced him to ease the tariffs.
Entering the weekend talk between Bescent and him, the US slapped 145% tariffs on Chinese goods, while Beijing responded with 125% tariffs on US goods.
Earlier on Friday, Trump raised the prospects that they could fall sharply in social media posts.
“China’s 80% tariffs seem right!” Trump wrote on his social media accounts before hinting at Bescent. “To Scott B.”
