Publication date: Speech published on November 20, 2025
Overview
- Author: Federal Councillor Guy Parmelin (EAER)
- Source: Speech on the occasion of Economic Day of the Basel-Landschaft Chamber of Commerce
- Publication date: November 20, 2025
- Read on: November 20, 2025
- Reading time: Approx. 12-15 minutes
Summary
Guy Parmelin reports on his recent negotiations in Washington and Switzerland's current economic situation. The major topic: tariff reductions and a country balancing between all sides.
Key points:
- USA reduces additional tariffs on Swiss goods from originally 39% to 15% – "not ideal, but better"
- Swiss GDP contracted by 0.5% in Q3 2025 (mainly due to pharmaceutical inventory effects)
- Short-time work compensation extended from 18 to 24 months
- Swiss companies plan 200 billion in US investments over 5 years
- New free trade agreements with India, Kosovo, Thailand, Malaysia and Mercosur concluded
- Regulatory relief to be implemented "even more offensively"
- No automatic adoption of US sanctions – Switzerland remains "autonomous and sovereign"
[⚠️ Still to verify: How binding is this really?]
Opportunities & Risks
Opportunities:
- Competitiveness versus EU competition improves through tariff reduction
- Diversification of trade relations progresses
- Proven crisis instruments (short-time work) are strengthened
Risks:
- 15% tariffs remain a competitive disadvantage versus tariff-free EU trade
- Dependence on US whims persists
- Further protectionist waves could follow
Looking to the Future
Short-term (1 year): New tariff rates take effect "in the coming days." Negotiations for legally binding trade agreement begin. Regulatory relief will be specified.
Medium-term (5 years): Swiss companies invest massively in the USA. Further free trade agreements (Vietnam, UK) will be concluded. EU relations must be stabilized.
Long-term (10-20 years): Switzerland navigates between the major blocs and tries to maintain its small-state niche. Success depends on whether the "Swiss success model" also works in a more multipolar world.
Fact Check
Solidly documented:
- Tariff reduction from 39% to 15% through declaration of intent
- GDP contraction in Q3 2025
- Extension of short-time work compensation to 24 months
Lacks transparency:
- Exact date for new tariffs to take effect
[⚠️ Still to verify] - Details on the planned 200 billion US investments
[⚠️ Still to verify] - Concrete measures of "more offensive" regulatory relief
[⚠️ Still to verify]
Brief Conclusion
Parmelin sells a half-success as teamwork and tries to make a virtue of necessity. The tariff reduction is indeed better than nothing, but Switzerland remains in a precarious position between the great powers. The many clarifications show: Political pressure at home is high. Follow-up article: Swiss Foreign Policy between Trump and EU
Three Critical Questions
Freedom vs. Dependence: If Switzerland must "pragmatically" adapt its standards for every trade deal – where does the much-praised sovereignty remain?
Investment Transparency: 200 billion Swiss investments in the USA sounds impressive – but who monitors whether this is really in the interest of the Swiss economy, or just Trump diplomacy?
Responsibility for Small Businesses: While large corporations can diversify their supply chains – what happens to SMEs that cannot afford lobby trips to Washington?