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.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-10571, Implementing Certain Tariff-Related Elements of a Trade and Security Agreement Between the American Institute in Taiwan and the Taipei Economic and Cultural Representative Office in the United States
The U.S. is updating tariffs as part of a new trade and security deal with Taiwan, following agreements signed in early 2026. These changes affect businesses trading goods between the U.S. and Taiwan by adjusting certain tariffs to support fairer trade and national security. The updates start now, but some parts of the deal will kick in later once fully approved.
2025-18660, Implementing Certain Tariff-Related Elements of the U.S.-EU Framework on an Agreement on Reciprocal, Fair, and Balanced Trade
The U.S. and the European Union have teamed up to make trade fairer by changing tariffs on things like cars, aircraft, and medicines starting soon. These changes affect businesses and consumers on both sides, aiming to balance trade and boost cooperation. Expect smoother imports and exports with updated rules kicking in after September 2025, helping the economy and keeping things fair.
2025-21940, Implementing Certain Tariff-Related Elements of the U.S.-Korea Strategic Trade and Investment Deal
The U.S. and South Korea are teaming up to adjust tariffs on cars, timber, aircraft, and more to boost trade and strengthen their alliance. These changes start November 1 and November 14, 2025, making it easier and cheaper to trade certain goods between the two countries. Businesses dealing with these products should get ready for smoother, friendlier trade rules that could save money and speed up shipments.
2026-17155, Agency Information Collection Activities; Submission to the Office of Management and Budget (OMB) for Review and Approval; Comment Request; Procedures for Submissions by Certain Steel and Aluminum Producers Committing to New U.S. Steel or Aluminum Production To Obtain Tariff Adjustments Under Proclamation 10984
2026-17049, Silicon Metal From Australia and Norway: Countervailing Duty Orders
Based on affirmative final determinations by the U.S. Department of Commerce (Commerce) and the U.S. International Trade Commission (ITC), Commerce is issuing countervailing duty (CVD) orders on silicon metal from Australia and Norway.
2026-17050, Silicon Metal From Australia and Norway: Antidumping Duty Orders
Based on affirmative final determinations by the U.S. Department of Commerce (Commerce) and the U.S. International Trade Commission (ITC), Commerce is issuing antidumping duty (AD) orders on silicon metal from Australia and Norway.
Previous / Next Documents
Previous: 2025-23315, Determination of Trade Surplus in Certain Sugar and Syrup Goods and Sugar-Containing Products of Chile, Morocco, Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua, Peru, Colombia, and Panama
Starting January 1, 2026, the U.S. is announcing the trade surplus levels for sugar and syrup products from Chile, Morocco, Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua, Peru, Colombia, and Panama. This affects how much sugar-containing goods these countries can send to the U.S. with special low or no tariffs under various trade agreements. Businesses and governments should watch these numbers because they influence trade benefits and market access.
Next: 2025-23326, Sunshine Act; Open Commission Meeting Thursday, December 18, 2025
On December 18, 2025, the FCC is holding an open meeting to tackle big issues like stopping robocallers from stealing phone numbers, helping small TV stations get clearer rules, and cleaning up outdated regulations. This affects phone and TV service providers and aims to protect consumers while making the rules easier to follow. The meeting is open to the public online and in person with security checks, so everyone can stay in the loop!