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An overview by Tax Partner AG, Taxand Switzerland
The US and EU have reached a new trade agreement introducing a uniform 15% base tariff on most EU goods entering the US from 1 September, avoiding the previously threatened 30% tariffs. Exemptions remain for pharmaceuticals, semiconductors, and certain raw materials, pending further investigation. Steel and aluminium tariffs stay in place, with a quota model planned. Both sides also agreed to zero tariffs on strategic goods, including aircraft, some chemicals, and semiconductor equipment.
While the US claims the EU will remove tariffs on US industrial goods, the EU has not confirmed this. The legal framework to implement the deal is pending on both sides. Swiss companies are expected to be impacted indirectly through EU supply chains and directly if no separate US deal is reached.
Laurent Lattmann and Oliver Hulliger from our Swiss member firm Tax Partner AG have published a more detailed overview of the agreement here, urging businesses to prepare for uncertainty as the agreement comes into effect with its legal implementation still unclear.
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