New Tariffs Hit Swiss Watches and Liechtenstein Pharma
Published Date: 12/18/2025
Notice
Summary
Starting November 14, 2025, the U.S. is changing some tariffs on products from Switzerland and Liechtenstein, like farm goods, aircraft parts, and medicines. These changes affect businesses trading with these countries and aim to keep trade fair and balanced. If the full trade deal isn’t finalized by March 31, 2026, the U.S. will rethink these tariff changes.
Analyzed Economic Effects
3 provisions identified: 1 benefits, 1 costs, 1 mixed.
15% Reciprocal Tariff on Swiss/Liechtenstein Goods
Starting November 14, 2025, the U.S. will apply the higher of the U.S. most-favored-nation (MFN) tariff rate or a 15 percent tariff (made up of the MFN rate plus a reciprocal tariff) on products of Switzerland and Liechtenstein. If an article’s Column 1 Duty Rate is less than 15 percent, the sum of that Column 1 rate and the additional ad valorem duty will be set to 15 percent; if Column 1 is at least 15 percent, no additional ad valorem rate will be added.
Annex I Products Exempt from Reciprocal Duty
Certain products of Switzerland and Liechtenstein listed in Annex I (including specified HTSUS provisions) are exempted from the reciprocal tariff imposed by Executive Order 14257 as implemented by this notice. Only items properly classified in the listed HTSUS provisions and meeting scope limitations in Annex I are eligible for this exemption, effective for goods entered on or after November 14, 2025.
Tariff Changes Subject to Review by March 31, 2026
The United States agreed to these tariff modifications with the expectation that a negotiated Agreement will be completed by the first quarter of 2026; if the Agreement is not successfully negotiated by March 31, 2026, the United States will review and reconsider the tariff modifications. Annexes to the notice may be amended during monitoring.
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