Richemont and Swatch Group shares rose on Tuesday, after US President Donald Trump said he was working with Switzerland on a deal to lower the 39 percent tariff rate it faces on exports.
Swatch shares gained 4.2 percent in early trading, while Richemont shares were 2 percent higher. Both companies’ shares had fallen after Trump announced the import duties on Swiss products which went into effect in August.
The United States is working with Switzerland on a deal to lower the 39 percent tariff rate it faces on exports to the US, Trump told reporters in the Oval Office on Monday.
“We’re working on a deal to get their tariffs a little bit lower,” Trump said. “I haven’t set any number, but we’re going to be working on something to help Switzerland.”
By John Revill
Switzerland Moves Close to Securing Improved 15% US Tariff Deal
A 15 percent tariff on Swiss exports to the US would be a significant improvement from the previous 39 percent levy.
