Top Swiss officials are visiting Washington this week to push for relief from U.S. import tariffs, hoping that billions of dollars in corporate investments can help their case.
On Tuesday, pharmaceutical giant Roche announced plans to invest $50 billion in the United States over the next five years. The announcement came just before Swiss Finance Minister Karin Keller-Sutter and Economy Minister Guy Parmelin began a three-day visit to the U.S. capital.
Their goal is to highlight the importance of Swiss businesses to the American economy and persuade the U.S. government to reduce tariffs that were originally set higher for Switzerland than for European Union countries.
“Now we’ll have to see whether the strategy comes off,” said Sibel Arslan, deputy chair of the Swiss parliament’s foreign relations committee. “This is the only way.”
Many in Switzerland were surprised by the steep tariffs. Lawmakers across political parties are supporting the delegation’s efforts, pointing to the large and growing investments by Swiss companies in the U.S.
Roche’s announcement follows a similar move by Novartis, which earlier this month pledged $23 billion in U.S. investment. Together, the two Basel-based companies have committed $73 billion, giving the Swiss officials a strong case to present.
These commitments have been praised by media outlets aligned with former U.S. President Donald Trump, adding public pressure to U.S. decision-makers.
Roche said its plan aligns with ongoing discussions between the Swiss and U.S. governments. Other major Swiss companies, including chocolate maker Barry Callebaut and engineering firm ABB, have also made new investment pledges.
Switzerland ranks as the seventh-largest foreign investor in the U.S.
Keller-Sutter, who currently holds the rotating Swiss presidency, spoke with Trump by phone shortly before he announced a 90-day pause on the original tariffs. This move lowered the rate for Swiss goods from 31% to 10%, in line with rates applied to most countries.
During her visit, Keller-Sutter is expected to meet with U.S. Treasury Secretary Scott Bessent. Her trip coincides with the World Bank and International Monetary Fund Spring Meetings, though her office has not confirmed other appointments.
Despite these financial commitments, Swiss leaders are warning the U.S. not to take their contributions for granted. After the tariff announcement, Economy Minister Parmelin said the move could backfire by discouraging companies from investing further.
Arslan echoed the concern, stating that Switzerland should not allow itself to be exploited, especially given its strong economic performance. In 2023, Swiss GDP per capita was about $100,000—roughly 20% higher than that of the U.S., according to World Bank data.
Switzerland also leads in corporate presence. The country is home to about three times as many Fortune Global 500 companies per capita as the U.S., including Nestlé, Glencore, Roche, and Novartis.
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