Swiss government representatives are currently engaged in discussions in Washington D.C., with the objective of reducing the United States' 39% tariffs on Swiss exports. This rate is noted as the highest in Europe.
Earlier attempts by Swiss President Karin Keller Sutter to address the tariff issue did not result in a resolution. However, a subsequent visit by Swiss business leaders on November 4 to the Oval Office preceded a shift in President Trump's public statements regarding the tariffs. During this visit, gifts were presented, including a gold Rolex watch and a specially engraved gold bar from the Swiss-based gold refining company MKS.
Following these interactions, President Trump indicated that efforts were underway to lower the tariffs, stating, "I haven't set any number."
The initiative by Swiss industrialists was described in a statement as being undertaken "in the spirit of Swiss unity between the private and public sectors." Certain business figures, particularly those involved in luxury goods, gold, and commodities, reportedly maintained existing contacts within President Trump's associates. For example, Jean Frédéric Dufour, CEO of Rolex, was present with President Trump in the Rolex VIP box at the US Open tennis final in September.
Mr. Dufour subsequently met with President Trump again in the Oval Office, alongside other business leaders, including Johann Rupert from Richemont and Marwan Shakarchi from MKS.
It is customary for leaders visiting the Oval Office to bring gifts. Rolex and MKS both issued "no comment" when asked for confirmation regarding the gifts. Days after the meeting, a photograph showed President Trump in the Oval Office with an item resembling a Rolex "Datejust" desk clock, identified as a collector's item. A White House official confirmed that President Trump received two items.
In the United States, gifts given to the President become US government property. These items are deposited with the National Archives, annually filed by the State Department, and ultimately transferred to a presidential library. While presidents may retain certain gifts, federal taxes are applicable unless the gift originates from a close relative. A historical instance includes President Richard Nixon's refusal of a Swiss Omega watch in 1969.
President Trump's public remarks suggest a potential adjustment in his stance toward Switzerland, as he informed reporters he is working on actions "to help Switzerland."