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ARTICLE · 24 NOVEMBER 2025

US-Switzerland-Liechtenstein Framework Announced To Lower Reciprocal Tariffs

Cassidy Levy Kent LLP
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Since August 7, the United States has imposed one of its highest country-specific reciprocal tariff rates — 39 percent — on products of Switzerland, as well as a 15 percent country-specific rate on Liechtenstein.

GlobalInternational Law
Martin Schaefermeier
Martin Schaefermeier
James E. Ransdell
James E. Ransdell
Ahdia Bavari
Ahdia Bavari
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Since  August 7, the United States has imposed one of its highest country-specific reciprocal tariff rates — 39 percent — on products of Switzerland, as well as a 15 percent country-specific rate on Liechtenstein. On Friday, the three countries issued a  joint statement laying out the framework for a future “Agreement on Fair, Balanced, and Reciprocal Trade.”

The envisioned Agreement, targeted for the first quarter of 2026, would lower U.S. reciprocal tariffs to match those applied to products of the  European Union and  Japan and provide for preferential treatment under possible future Section 232 tariff regimes. Switzerland and Liechtenstein, in turn, would remove tariffs on U.S. products in certain key sectors, invest significantly in the United States in 2026 and beyond, and undertake several non-tariff reforms.

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