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Investing.com - Swiss stocks were higher in mid-morning European trading on Tuesday after U.S. President Donald Trump said he was working with officials in Switzerland to lower U.S. import tariffs placed on the Alpine country.
The nation’s blue-chip SMI stock market index had risen by 1.1% by 06:00 ET (11:00 GMT). In individual shares, luxury watchmakers Richemont and Swatch gained 1.8% and 4.3%, respectively, while heating and ventilation systems group Belimo rose 4.7%.
On Monday, Trump said White House officials had been "working on something to help Switzerland," but did not provide more specifics. Trump added that Switzerland had been a "very good ally," even after the president slapped steep 39% tariffs on its exports to the U.S. earlier this year. The duty was among the highest levied by Trump in his attempt to upend longstanding global trade networks.
Media reports have suggested that the tariffs could be brought down to 15%, while Bloomberg News said a deal could finalized within the next two weeks. At that level, Switzerland’s tariff rate would be in line with that imposed on the European Union.
A spokesman for the Swiss Department of Economic Affairs told Reuters that the talks are "ongoing," but did not offer any further comment.
Richemont , whose brands include Cartier, Piaget and IWC, and Swatch, the owner of labels such as Omega, Tissot and Longines, have been particularly impacted by the elevated U.S. tariffs. The U.S. is a major market for these companies, making up just under a fifth of all Swiss watch exports, according to data from the Swiss watch industry federation cited by Reuters.
Analysts told the news service that lowering the tariffs could ease some pressure on profitability at these firms.
Along with watches, Switzerland is a major exporter to the U.S. of items like machine tools, chocolate, and chemical and pharmaceutical products.