Swiss Watchmakers can Claim Tariff Refunds
December 11, 25
(IDEX Online) - Swiss watch importers will now be able to claim refunds after the United States confirmed that its reduction of tariffs on Swiss goods will apply retroactively.
The US and Swiss governments jointly announced on 14 November that tariffs would be reduced from 39 per cent to 15 per cent, but did not specify when that would take effect.
Switzerland's economy minister, Guy Parmelin, today (11 December) provided clarification - rollback to 14 November - adding that his country had made no additional concessions to secure retroactive implementation.
Industry groups say the adjustment will lead to substantial reimbursements for importers, though no official estimate has been published.
Analysts suggest some watch brands may reverse price increases that were introduced after the higher tariffs took effect in August, though companies have not confirmed any such plans.
The tariff reduction forms part of a broader bilateral framework aimed at strengthening economic ties between the US and Switzerland (and Liechtenstein).
The agreement includes Swiss commitments to expand investment in the United States and is intended to support a more balanced trade relationship between the countries.