Switzerland’s president has lamented “disappointing” talks with US President Donald Trump’s treasury secretary that did not ease stiff tariffs on Swiss goods, but expressed hope for a solution to a more consequential US-China trade war face-off in Geneva this weekend.
Nevertheless, Karin Keller-Sutter, who also serves as Switzerland’s finance minister, said she was encouraged by the talks with US Treasury Secretary Scott Bessent as Bern tries to wriggle out of hefty 31% tariffs on Swiss goods as part of Trump’s sweeping “reciprocal” tariffs on countries around the world.
Their meeting was only an appetiser for the potentially market-moving talks on Saturday and Sunday between Bessent and Chinese Vice Premier He Lifeng in Geneva.
Keller-Sutter also met with the Chinese envoy, but said it was merely a courtesy.
As for the US-China talks, the Swiss leader alluded to the election of the first US-born pontiff, Pope Leo XIV, and quipped: “I said to Secretary Bessent that apparently the Holy Spirit was in Rome yesterday and I hope that he will come to Geneva over the weekend.”
The talks have been shrouded in secrecy and the Chinese and US sides have declined to specify where they will take place other than in Geneva, which hosted US President Joe Biden and Russian President Vladimir Putin in 2021, before Russia’s full-scale invasion of Ukraine.
While the US administration has temporarily suspended the most severe tariffs against every target country except China, the 31% rate — if restored — would put Switzerland in a worse position than its neighbours in the European Union, which are to face 20% US tariffs.
The Swiss government said its talks with Bessent and US Trade Representative Jamieson Greer were “convivial and constructive” and were aimed to lay out the guidelines for a deal on the issue of customs duties to be discussed again in coming weeks.
On 9 April, a week after Trump announced the “reciprocal” tariffs package, he spoke with Keller-Sutter by phone and later announced a pause in their implementation for 90 days and capped the additional US tariffs at 10% for most countries, with the notable exception of China.
“Of course, it is disappointing,” Keller-Sutter said when asked about the lack of a deal in talks with Bessent, before alluding to her earlier phone conversation with Trump.
“I also told President Trump that this was not fair. But on the other hand, you know, I mean, we’re not looking back, we are looking forward.”
“And we’re really encouraged by the talks we had that we’re going to find a solution, and the US side really engaged with Switzerland also to find a swift solution,” she told reporters.
Keller-Sutter pointed to Swiss investment in the United States, saying it had created 400,000 jobs and “average salary $130,000 (€115,000), which is a lot.”
She said she didn’t know whether her call with Trump convinced him to ease back on the tariffs, before adding with a laugh: “He should listen to women.”
Going into the weekend talks between Bessent and He, the US slapped 145% tariffs on Chinese goods and Beijing has responded with 125% tariffs on US goods.
Earlier on Friday, Trump floated the prospect that those could be lowered sharply in a social media post.
“80% Tariff on China seems right!” Trump wrote on his social media account, before alluding to Bessent. “Up to Scott B.”
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