Swiss executives reportedly gifted U.S. President Donald Trump luxury items, including a personalized gold bar and a gold Rolex desk clock, before the U.S. and Switzerland reached a new trade deal. The agreement cuts import tariffs on Swiss goods from 39% to 15% and includes a $200 billion investment pledge. Critics in Switzerland accuse the economic elite of bending to Trump’s demands, while officials argue the gesture helped advance the talks.
The landmark deal, announced on Friday, marks a significant shift in U.S.-Swiss trade relations. The Trump administration had previously imposed a 39% tariff on Swiss imports, which took effect in August after Trump’s ‘Liberation Day’ speech outlining a global trade overhaul. This agreement reduces the tariff to 15%, a move widely seen as a major concession by Switzerland. The agreement also includes a $200 billion investment commitment from Swiss companies, a substantial pledge aimed at strengthening the U.S. economy.
According to media reports, the breakthrough followed a November 4 visit to the White House by Swiss executives, who presented Trump with high-value items, including a personalized gold bar worth over $130,000. The bar was engraved with the numbers 45 and 47, referencing Trump’s presidential terms, and was accepted on behalf of his library under U.S. gift rules. The delegation reportedly included senior figures from MKS, Rolex, Richemont, and commodity trader Mercuria.
The gesture drew criticism in Switzerland, with the Green Party calling the deal a ‘surrender agreement,’ accusing the country’s economic elite of yielding to Trump’s demands. Party leader Lisa Mazzone warned that consumers and farmers would ultimately pay the price for the concessions, while raising concerns about the questionable methods and gifts of gold.
Swiss Economy Minister Guy Parmelin defended the move, stating that the country has not ‘sold its soul to the devil.’ He emphasized that the trip helped move talks forward, noting that the executives had ‘good contacts in the U.S.’ and that some were friends of Trump ‘because they play golf with him.’ The U.S. welcomed the outcome, with Trade Representative Jamieson Greer citing the investment commitments as support for domestic industry.
This agreement comes as part of Trump’s broader effort to reset U.S. trade ties, with several countries negotiating revised tariff terms. In July, the EU accepted a 15% tariff on most goods and pledged significant energy purchases and investments. Trump has imposed sweeping tariffs on imports from U.S. trade partners over the past year to address what he called unfair economic imbalances, although critics argue the higher charges have increased costs for U.S. consumers.
The deal has sparked a wide-ranging debate about the role of personal relationships in international trade negotiations. While some argue that the gesture was a necessary step to secure economic benefits, others view it as a sign of capitulation. The controversy highlights the complex interplay between diplomacy, commerce, and personal relationships in global trade agreements. As the U.S. and Switzerland move forward with their new trade pact, the long-term impacts on both economies remain to be seen.